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- The financial impact of inadequate life insurance
- March 31st, 2010 12:12 PM
The study examines the financial security of 1,000 widows or widowers receiving life insurance after losing a spouse. More than half of respondents had life insurance benefits amounting to less than one year of their household income.
Results also show that less than one-third of widows or widowers who received no more than three years of life insurance benefits felt financially secure the following year. The percentage of surviving spouses who received no life insurance benefits and remained feeling financially secure the following year was 11 percent.
“Life insurance is essential income replacement. Not only does it cover day-to-day living expenses for survivors, but it helps secure a future financial plan, including having a comfortable retirement,” says Cindy Houndell, JD, president of Women’s Institute for a Secure Retirement.
Life insurance can be paramount to supplementing or maintaining sufficient income after the death of a spouse. Life insurance benefits can serve as a means of savings, an inheritance for heirs, or a method of paying final expenses.
This article was originally published by Life Quotes, Inc.
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