What happens to my family financially when I die? Many of us know someone who lost a parent at a young age or a spouse in the early-to-mid stages of marriage. What is the impact on those who are left behind? Will your spouse be able to stay in dream home you purchased together? Will he or she be able to give time to your children or will work be the primary focus to keep a roof over their heads? Will the lives of your children be uprooted as well as being turned upside-down due to your death? Now is the time to get prepared. Communicating about it is often filled with anxiety and apprehension. Here are some tips to get started:
- Set the tone – it is imperative to keep it positive
- Discuss what income would need to be replaced
- Discuss if you want term insurance, universal or variable universal insurance.
Be sure to see more details written out in our Money Couple Minute “How Do We Talk About Life Insurance”.
Remember, this is a decision you need to make together. Protecting each other and making sure your family is taken care of will help bring you closer together and give you both peace of mind.
