In my last post, I wrote about the importance of writing Hand-Off Instructions for your surviving spouse or children to tell them about your family finances, assets, expenses, and important contacts. One of the objectives of this is to provide enough information so they can get access to and manage your assets.
But this begs the question: Do you have enough to provide for your spouse or children if your income is no longer in the mix?
Life insurance is the great equalizer for the loss of your income.
If you don't have major health problems and are not too old, term life insurance is not too expensive. Budget the premium costs as part of the cost of having a family. It's worth it to protect your family.
It will be hard enough for them to get by without you. Don't let financial insecurity add to the grief.
We recommend each spouse get at least a $1M 20-year term policy - and even more for the main breadwinner.
Knowing your family is covered will bring great peace of mind to you and your family.
BTW we do not sell life insurance. But we handle a lot of trust administrations, and when a spouse and parent dies before full life expectancy, we see a clear distinction between those who had enough life insurance and those who didn't.