The death of one parent can be devastating for families, both emotionally and financially. This is where life insurance comes into play.
Life insurance policies allow people to save money for the people they leave behind. According to Ruby Campbell of the Idaho Statesman, this is often difficult for families who are already struggling with day-to-day expenses.
According to Beth Wood, an assistant vice president at one life insurance company, it is fairly common for women in this situation to go without life insurance.
Campbell did not have life insurance until after her divorce when she met with a financial adviser and began planning for the future of her family.
“If a woman dies or becomes disabled and cannot work or take care of the family, her husband may have to cut back his hours to stay at home or hire someone to care of the children, and that makes financial matters worse,” Wood says.
It is critical for a woman to be prepared if she is a single mother with children. What happens if the mother dies? What happens to her children’s expenses and financial resources?
Many women believe they cannot afford life insurance, but what they truly cannot afford is a catastrophic event that could wipe out everything they own. Even if she is not a wife or mother, they will need something to cover funeral expenses, which can be a small investment.
Also, keep in mind that the younger and healthier you are when you buy a policy, the lower your premiums will be, which is why it’s critical to start early.
It is frequently difficult to determine which life insurance policy is best. Meeting with a financial expert can assist consumers in determining the best types and amounts of savings for their dependents.