• Debts - What happens to your debts if you die right now? Who will be responsible for your existing bills, final medical and funeral costs?

• Your family may lose their home - How will the mortgage be paid? Will your family face foreclosure? Will they be forced to sell under less than optimal conditions?

• Family Lifestyle - Will your family be able to maintain their lifestyle on just one spouses salary? Most couples in this day and age must both work to provide the extras that many people enjoy, such as vacations, sending their children to summer camp, a second car, a house cleaning and/or a lawn service, frequently going out to dinner, etc.

• Education - What about school for your children? Do they attend private school and can you afford to continue? Do you envision them going on to college? Who will pay for their college when you’re gone?

• Your spouse's sleepless nights - They already have to deal with an empty bed. How many sleepless nights will there be for him/her worrying about the family finances? Life insurance helps assure peace of mind.

• Estate Taxes - There may well be estate taxes due as well as other legal and probate costs. Life insurance can leave tax-free money to your beneficiary to cover such expenses.

• Health Care – If health insurance was provided by your employer, will your family be able to keep it upon your death? Can they afford individual coverage if they are no longer covered by your employer? What about the expenses that health insurance doesn't cover like expensive medications, dental, vision, orthodontics, etc. Who pays for all this without you?

• Your extended family - Who will care for your parents when they are too old to care for themselves?

• Business Survival – If you are a sole proprietor or are in a partnership, how will your business survive without you? Having Key Man insurance or a buy sell agreement funded by life insurance can help guarantee your businesses survival. Your heirs will be provided for and your partners can continue operating the business.

• Spouse who works inside the home - Don’t neglect getting life insurance on your spouse that works inside your home in the traditional role of a homemaker. If your spouse passes away, who would do the cleaning, cooking, shopping, home maintenance, shuttling children to school and after school events, vacation planning, giving of career advice, etc.? Some companies estimate that it would cost over $100,000 to replace the work that a non working spouse does in terms of running a household.

Labels: Life Insurance