You may have life insurance, but do your spouse and children? Your aging parents?

Life Insurance

You may have life insurance, but do your spouse and children? Your aging parents?

You’ve got life insurance, and that’s great, but have you looked into coverage for your spouse, your children or your parents? As you might have guessed, covering the whole family is essential.

Let’s first focus on life insurance for your spouse or partner. To start, figure out who your dependents are and what your shared financial responsibilities are—like debt, mortgage payments, and college costs.  Add to that the non-financial responsibilities that you’d need to pay for in your partner’s absence—like childcare, food preparation, and lawn care.

While your children may not be the breadwinners, covering them at an early age may help secure affordable premiums and protect their insurability.  And, worst-case scenario, life insurance benefits would help cover their funeral expenses, if ever needed.

If your parents help with household expenses, you may want to consider coverage for them. And, if these same parents also contribute to the care of your children, that’s even more reason to make sure they’re insured.  At the very least, you should have some insurance for your parents’ final expenses. The median cost of a funeral today is $7,181,1 and the predicted cost of a funeral in the future is more than double that.

Loss is difficult enough. By covering your family members, you’ll help increase the likelihood that you and your family can maintain financial security should the unexpected happen.

1 National Funeral Directors Association, April 2018.

Don’t delay.  To learn more about the group term Life insurance we make available, visit us  or call us at 800-635-7801.

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