Life Insurance And The Family

Is life insurance something we always think about or do we simply take care of it and move on with our lives? As we navigate the adventure of living there are certain inevitable challenges which must be addressed at some point in time.

You are just getting married or preparing for a new baby or, on the other hand, you may have been married for a while and have grown children. You face the everyday enjoyment of living together. There are some difficulties but you, through force of will, overcome them.

Buying life insurance is never a one time experience for one who has the protection of a family as a primary responsibility, or should I say for one who is aware of the need to protect the family in case of death. The husband needs to consider providing sufficient income for his wife and children in the event of his death. Certainly, he would want the family to live in the same house even if he is no longer there to enjoy it with them. He would want them to continue as if he was still there.

What about the wife specifically. Would he not want her to be as comfortable as possible after he has gone. We have a saying in the life insurance business which goes as follows. "No man has a right to accustom a woman to a certain standard of living unless he intends to see that she continues enjoying it even after his death". A man should not only provide for his family while the children are young but should also provide for his wife for the rest of her life. I repeat, for the rest of her life. I believe this is his duty and, above all, a true expression of his love for his wife.

Now, should a wife have life insurance coverage on her life as well? You bet she should! In todays world wives are out there working as hard as husbands in order to provide the best for the family. The standard of living that most families enjoy result from the efforts of two working parents, not only the husband. If the wife should die before her husband the lifestyle of the family always changes. There are certain challenging adjustments that need to be made. In some cases, as a direct result of her income being no longer there, the adjustments are quite drastic.

If, however, there had been a life insurance policy sufficient to replace a good portion of her income life would be much easier for the survivors. Money cannot replace a good wife and mother but it can certainly ease the burden of such a loss.

As we go through life most of us juggle money to meet the financial needs of the family. It is quite possible that we will continue to do so if our life's partner is no longer there to share the adventure of it all. Should we not make it a little easier for the survivors?

I have only one suggestion. I recommend this because I have seen too many good intentions come to naught. Take the time to thoroughly plan your life insurance portfolio and where wise use the policies to provide income instead of lump sums.

Planning for family protection through life insurance should be an annual procedure. As you progress you may need to make adjustments to your portfolio. If you need advice consult a qualified Financial Planner not some well meaning friend who doesn't know all s/he needs to know to make an educated decision on your problem. Talk to an expert, give him or her all the relevant facts and make your decision based on the advice you get.

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