subject: The Necessity Of Term Life Insurance [print this page] Weve all heard those horror stories of people who died and left a huge financial mess behind for someone else to clean up. There are those who appeared to have plenty but actually left their families with nothing because the debt percentage was so high that without the income of the deceased to maintain the payments, it fell like a house of cards. Im sure we all shake our heads when we hear it, but did you know that around a third of men and an even more women still dont have any life insurance? Many of those who do have life insurance, have it only as part of their superannuation policy and unfortunately, the amount insured may not keep their family for more than a year.
We may all shake our heads at the horror stories, but when was the last time you actually stopped and sat down to work out how much money your family would need to carry on in the event of your death? Heard the old saying, A debt should not outlast the person who created it? Your total amount of debt is a good place to start working out how much you need, but it is certainly not the only consideration. Its essential to factor in the lost income, both of the deceased and the grieving party left behind who may need time off work or even need to make permanent changes in order to accommodate the familys change in circumstances. How would your familys ongoing income requirements change if you died and for how many years would you need to provide for them? What standard of life do you want to provide for them in your absence? Its a lot to consider, but it would be so much worse if you didnt. Dont leave your family in the lurch get your affairs in order today. Its one way to keep on loving them after youre gone.
by: xlife
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