In today’s fast-paced world, many families find themselves caught up in a whirlwind of activity, juggling work responsibilities with family obligations and recreational pursuits. With so much going on, it’s easy to take the basics for granted: the home you live in, the food on your table, the clothes in your closet, and the vacations with family and friends.
However, life may not always turn out as planned. The untimely death of a spouse could dramatically alter this picture, both for now and in the future. For many families, two incomes are needed to maintain their desired standard of living. Even if only one spouse brings in cash income, the nonearning spouse may provide critical “noncash” services, such as performing the many tasks involved in maintaining a home. If your family’s income suddenly stopped or was reduced, the impact on your lifestyle could be significant.
Having life insurance coverage on your spouse can play a valuable role in helping to protect your lifestyle. The proper coverage can help replace your spouse’s income or provide supplemental funds so your home can be maintained and continue to function as normally as possible. If both you and your spouse work, consider the value of your spouse’s lost income. Or, if your spouse is a noncash earner, think about how much it would cost to hire somebody to take care of all the tasks he or she performs at no charge.
The unexpected death of your spouse could easily unravel the lifestyle you shared together. Funds that were set aside for a child’s wedding, or your retirement, may need to be reallocated to cover basic expenses. However, you can address these kinds of situations ahead of time if you have the appropriate amount of insurance coverage.
While it’s human nature to take life as it is for granted, unexpected turns can sometimes happen. Life insurance coverage on your spouse may help you be better equipped to maintain your lifestyle in the event of your spouse’s death.