“Do you have adequate life insurance?” This is the question posed in a recent article by Stanley Adamson, Ph.D., an associate professor in finance and general business at Missouri State University.
In the article, Adamson talks about how it can be difficult to start a conversation about life insurance because it forces us to think about our own mortality. But as Adamson illustrates with a story of his own family’s loss, preparing for the loss of a loved one is incredibly important.
The cost of losing a loved one often goes far beyond just immediate expenses. Adamson explains: “Generally, you need immediate cash for burial expenses, uninsured medical expenses, and money to pay off installment debt. In addition, you might need some monies for a one- or two-year adjustment period to allow the surviving spouse time to make needed adjustments to his/her lifestyle going forward. Other considerations might include funds to pay off the mortgage, an education fund for the children, and an emergency fund of three to six months of expenses…Finally, one must decide if there will be additional monies needed for the surviving spouse’s future retirement.”
Planning for these future expenses may seem like a daunting task, but it doesn’t have to be. All of the agents at Financial Providence Group are dedicated to helping you determine a coverage level that suits your needs, and the needs of your family.
“According to a recent consumer survey, 85 percent agree that most people need life insurance, while only 62 percent said they had life insurance.”
It’s comforting to know your family will be provided for if anything were to happen, and we’re here to help you attain that sense of security. We invite you to contact us. Our knowledgeable agents are ready to talk about what final expense products will best suit your family’s needs.