Life insurance isn’t for you—it’s for your spouse or family that is still living. Upon your death, your family may feel not only an emotional strain from your passing, but also a financial strain from medical bills and funeral expenses. According to the National Funeral Director’s Association 2010 price list survey, the average cost of a funeral is $6,560. In addition, other costs your family may incur upon your death includes the purchase of a cemetery plot or vault, monument/marker, flowers, and obituary, bringing the total cost easily to $8,000 to $10,000.
If you are of working age and bringing in an income at the time of your death, your spouse or family will also be experiencing a financial strain from the loss of your household income. This is especially true if you have children at home. Your spouse must continue to pay all the bills from a decreased amount of income.
A life insurance policy can protect your spouse or family from financial stress by providing the funds to pay for the funeral, cemetery, and medical costs associated with your death as well as the loss of household income necessary to “stay afloat.”
If you were to die today, would your spouse/family be financially secure enough to be able to continue their daily lives at the same standard they are living now? Protect your family and their future with a life insurance policy through the Gary Thompson Agency. We can help you determine an appropriate amount based on your personal situation.
To learn more about life insurance, visit our frequently asked questions page.
Posted on Thu, February 14, 2013
by Jason Willson