Life Insurance

For many family members, the funeral will be the last time that they see their loved one. This is why it is important to dress the departed in a fitting manner. On average, the total financial cost of dying is $12,702, including the funeral and professional help as of 2022. That did not include a wake, transportation costs, or religious services if you those are opted for it will be an additional and sometimes prohibitive cost. Record inflation will only exacerbate this.

The home can not be forgotten about as it will often be the sanctuary of those we love after we have passed. Imagine in their time of grief they are faced with mortgage issues or disconnected utilities due to a lack of monetary protection and trying to take care of your final expenses and estate settlement. These expenses include the mortgage, electricity, water, gas, HOA dues, insurance, maintenance and upkeep, cable or satellite, among others that can be associated with the home every month after you are gone.

 When one loses a spouse, the last thing on the surviving spouse’s mind is the tax issues to be addressed. But nonetheless, they still have to be paid even after you are gone, now with the possible addition of an estate tax. The passing of one’s spouse will likely lead to certain federal income tax tasks and responsibilities. Among other things, you'll need to learn the proper procedure for filing and signing your spouse's final income tax return, and you'll need to review the applicable filing status rules. Certain other tax issues may also come into play. 

Even though for the most part a spouse is not responsible for the debts of a their loved one that has passed, many people fail to think about the debts that they have to continue with afterwards. These include the car payments, mortgage, credit cards, college tuition and others that stay in place and at the same rate if not higher after one passes.

 When one future is taken the last thing the family wants is to rob another, the higher education your child deserves. The cash value from life insurance can be used almost like it is a bank account. The difference is that withdrawing funds will likely be treated as a loan, but you are really borrowing from yourself. And you can take your time to repay.

 Your death could place a sizable financial burden on anyone who relies on you. Even if you’re not the primary earner, loved ones may rely on services you provide. The loss of a breadwinner's income can be devastating for a family, and many people don’t have enough savings to cover such an event. After six months, 44% of American households say they’d feel financial hardship if the primary wage earner were to die, according to the 2022 Insurance Barometer Study from LIMRA and Life Happens, nonprofit insurance trade associations.