The death of one parent could be emotionally – as well as financially – devastating for families. That’s where life insurance comes in.
Life insurance policies help individuals set money aside to help those they leave behind. This is often difficult for families already struggling with everyday expenses, according to a recent report by the Idaho Statesman, Ruby Campbell.
It is fairly common for women in this situation to go without life insurance, according to Beth Wood, an assistant vice president at one life insurance company.
Campbell did not have life insurance until after her divorce, when she visited a financial adviser and began planning for her family’s future.
“If a woman dies or becomes disabled and cannot work or take care of the family, her husband may have to cut back his hours to stay at home or hire someone to care of the children, and that makes financial matters worse,” Wood says.
If a woman is a single mother with children, it is so important to be prepared. What happens if the mother passes away, what happens to expenses and financial resources to take care of her children?
Many women feel that they just can’t afford life insurance, but what they really can’t afford is a catastrophic event that could destroy everything they own. And even if she is not a wife or mother, they will need something to cover funeral expenses, and that investment can be small.
And remember that the younger and healthier you are when you purchase a policy, the lower your premiums, which is why it’s important to start early.
It is often difficult to determine which life insurance policy is appropriate. Meeting with a financial expert can help consumers choose the best types and size of savings for their dependents.