We are people of precaution and safety, more so now than ever before. Fifty years ago people didn't wear seat belts when driving or lock the front doors to their house, but we do these things now to keep our loved ones and ourselves safe. However, each year millions of families will be unprotected in a different way: by failing to have any kind of life insurance protection in place for when a loved one passes away. In today's Aegis blog post, we look at the ramifications of not having life insurance coverage to protect your family and their future.
Scrambling To Cover Burial Costs
When a loved one passes away, the surviving family members must make immediate arrangements for memorial and funeral services. These services can easily cost several thousand dollars, regardless of whether the loved one is being buried or cremated. Unfortunately, with many Americans living paycheck to paycheck, the death of a loved one can put survivors in a dire financial situation if there is not life insurance in place to help offset those immediate burial costs.
Loss of Income and Accumulation of Debt
In addition to burial costs, the loss of a loved one can cause other financial strain and hardship. The death of a family member, particularly a parent of younger children, can be financially crippling for the surviving relatives if there's no life insurance policy in place to provide financial help. Regardless of which parent passes away, the surviving spouse must quickly scramble to supplement the loss of income and arrange for childcare just be able to pay the mortgage, utilities, grocery bills, and other expenses. Without the benefit and protection of life insurance, grieving survivors and their children could face a staggering amount of debt in just a short amount of time.
Inability To Provide For Future Goals and Dreams
Sadly, the loss of a family member can also mean the loss of dreams and goals for the surviving relatives if there is no life insurance policy in place. For example, a child's college fund might have to be used to cover funeral costs or mortgage payments instead, simply because there was no life insurance for those immediate expenses. In addition, a lack of life insurance can make it harder for a surviving parent to pay for milestone events such as their teen's first vehicle or an adult child's wedding.
Life is unpredictable, but with quality Life Insurance, we can be reassured knowing our loved ones will have the financial support needed to handle immediate and long-term costs. Aegis Insurance & Financial Services can help you and your loved ones have the financial peace of mind that comes with reliable life insurance. Our team of Life Insurance experts can help assess your expenses, debts, goals, and future plans in order to develop a life insurance package that meets all future needs. Contact our office today at 713-850-7622 for more information, or fill out our online form to request a free quote.