The Benefits of Life Insurance For Those Left Behind

happy couple

We’ve said it before and we are happy to say it again; life insurance is necessary. It’s a wonderful policy that provides families with a small peace of mind when the worst happens, and it’s something that you cannot deny no matter how you slice it. If something were to happen to someone in your home, what would you do? At the risk of sounding quite morbid, how would you handle things? The loss of a close family member is devastating in any way, shape or form. However, it’s made even worse when you realize that your family member had finances that need to be cared for and a funeral that comes with a myriad of expenses. What will you do?

There are always those who feel that life insurance is gross. It is. No one wants to be paid when they lose a loved one. It feels wrong. But with the average cost of a funeral in the thousands of dollars, and the price of burying your loved one so high, it only makes sense that you would allow yourself the small benefit of a life insurance policy to take some of the burden off of you and your family in this heartbreaking time. To further educate you on the benefit of life insurance, here are a few of the most common and most beneficial uses of the money that is paid out to those who are left behind when a loved one passes.

The Future

Your family might be all right with the income you do have now, but will you be all right when that income is no longer payable? If one of you dies, what will happen with your expenses? Is your spouse’s (or your own) salary enough to live on without that second salary? Or is it something that you cannot afford to pay for without a little assistance? A life insurance policy can help you pay off your home, pay your credit cards off and even pay for your kids to one day go to school. It’s a bit morbid, but it’s necessary for so many families.

The Funeral

No one wants to think of planning their own funeral, but sometimes it’s necessary to do just that. The costs that are associated with funerals are extensive, which means you’re left holding quite the ball before it drops. You should think of what you want for your funeral, plan as much as possible to ease a bit of the burden from your loved ones, and obtain a life insurance policy that allows them to care for you and your funeral expenses when the time comes.

Your Family

If you have no debt, you have your expenses in order and you live a nice life, you can still take out a life insurance policy and leave something behind for your family even if they don’t need it. It might be money you allocate to your grandchildren so that they can have down payments on their first home. It might be money you leave to your kids so that they can go to college one day without the heavy burden of student loans and working their way through school.

It might just be enough so that your spouse can retire and really live the life he or she would love to live. It’s nice to have something to provide for your family, particularly when you don’t need that money for anything else in your life.

Your Business

Do you own a small business? You’ll need a life insurance policy if you do. You have to think about what you’re leaving behind for your family to deal with and care for, and your business is going to be one of the most financially difficult aspects. A life insurance policy will help your family keep your business afloat or at least find a way to finance it while they find someone to run it for them or learn the ropes on their own.

Last but not least, make it a point to not just leave behind a life insurance policy. A will that stipulates who gets what, what you’d like done and how to handle your death is always helpful and sometimes the best thing you can do for your family. We recommend that you find a good lawyer to help you draw up these papers and get your life in order. We all say we are going to do it at some point, but we have to do it now so that we don’t miss our opportunity. Tomorrow is not promised to us, and today is the right time to do anything and everything that you’ve always needed to do and wanted to do. It’s now or never, and we recommend you make this a priority.

Photo by Getty Images


Leave a Reply