You might be working on paying down your debt, building an emergency fund, and saving for the future. While all of those things are definitely great what would happen if one of your familyâ€™s breadwinners was no longer around?
Would the rest of the family be able to get by?
A recent State Farm study reported that three-fourths (76 percent) of Americans say their family would be financially protected if the unexpected were to happen to them.
Are you within that 76 percent? In other words do you have life insurance?
Nobody likes to think about it but death is a fact of life. And while youâ€™re in the midst of grieving the loss of a loved one thereâ€™s no doubt in my mind that youâ€™re not thinking about money. But what about when your mortgage comes due or your car payment.
Could you get by without the financial support of your spouse and would your spouse be able to get by without you?
If not, you need to seriously consider getting life insurance. Hereâ€™s why.
Your Mortgage, Debt, and Basic Expenses
With two income families itâ€™s likely that if one spouse is no longer around that the other can cover basic expenses like utility bills, insurance, and daycare. But what about the mortgage and other debt? And worse, what if one of you doesnâ€™t work outside the home?
The truth is itâ€™s hard to even think about. You donâ€™t want to think about your family not being able to pay the bills without you but itâ€™s a reality you need to face. Luckily, life insurance can help you with this. When youâ€™re covered you donâ€™t have to worry about how your family will get by. You know.
Your Childrenâ€™s Education
Do you have big plans of your children going to college? If you donâ€™t already have the funds put aside and were instead thinking of a pay-as-you-go type of education then you might want to consider getting enough coverage to help cover the costs you anticipated on paying.
If your family was to lose you would your children have to get jobs to help your spouse pay the bills? Would they completely push the idea of a college education out of their heads?
I donâ€™t know and you donâ€™t either.
While Iâ€™m a firm believer that money doesnâ€™t bring happiness I also believe that the lack of money can make you downright miserable and thatâ€™s not something you want for your family.
Your Own Comfort
As spouses, parents, and family members itâ€™s nice to know that youâ€™re not going to leave a big financial burden to those you love. That could mean leaving enough money to cover the costs of a funeral, the amount of your mortgage and other debt, and money for your childrenâ€™s education.
Weâ€™re all different and therefore require different levels of coverage.
If youâ€™ve been working hard to get your financial life straightened out donâ€™t forget to add the extra layer of financial protection you need: life insurance.
Call your agent to get a quote or check out Good Neighbors for more information on life insurance.
Is Your Family Prepared for the Unexpected?
Disclosure: This blog post was written as part of a sponsored program for State Farm to raise awareness about the importance of life insurance. All views expressed are entirely my own, and were not influenced or directed by State Farm. You can learn more about this blogger program and life insurance at GoodNeighbors.com, PlantingMoneySeeds.com, and by following #StartLiving on Twitter.