What would happen to your family if you ad your spouse dies or were disabled tomorrow? Could you survive on just your income alone? In today's society many people can't afford to live on only one income and would most likely be forced into bankruptcy! In fact many families today live paycheck to paycheck and have very little savings to fall back on. Where would you turn for cash if your spouse were to die or become disabled? How long would your savings last? Is there a way to fix this problem? The answer is YES! There are several types of inexpensive insurances that can fix these problems but too often the average person overlooks these very real risks until it is too late. Don't let that happen to you. Let's take a closer look.
Life Insurance As An Income Replacement Tool:
Many people use life insurance to cover the eventual expenses of things such as their burial, funeral arrangements, and final services. Other people think a little farther ahead and use life insurance to pay off existing debts for their loved ones such as the mortgage, credit card debt, or car loans. But even if you buy enough life insurance to pay off all of your debts and bury you, how will your loved ones survive without your income?
When I ask this question to my clients they tell me that the surviving spouse will sell the house, downsize and live off of the retirement funds but how long will that money really last and is that really what you would want your family to have to do? If you could fix that problem without having to spend any additional money wouldn't you? In many cases with some simple planning this can be achieved and often it can be done with no additional monthly outlay.
What If I Become Disabled?
Disability insurance can protect your ability to earn a living. If you become sick or hurt and unable to work, you'll receive payments from the policy. This check will help you continue paying living expenses such as rent, mortgage, car payment, food, insurance, utilities, medical expenses, and more.
During your working years you're more likely to become disabled than to die prematurely. Yet while most of us end up buying at least some life insurance many people seem to overlook this very real risk. Ask yourself, if you were to become sick or hurt and unable to work, how long could you survive financially, without an income?
Author Resource:-
Antonio Filippone, RFC is a respected Speaker, Author, and Consultant to middle American families. If you want to learn how to drop debt, stop losing money, pay less tax and reach your financial goals then be sure to request your free Consumer Guide on "The 7 Deadly Retirement Mistakes" at http://www.RockfordRetirement.com
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