Is your family properly protected in case something happens to you?
Just an ordinary day, having a cup of coffee with your friends, while the kids play in the yard. One of your friends starts telling a moving story about what happened to a close acquaintance of hers.
“I’ve known her for years. She is 32, has 3 kids, a four-year-old boy and two one-year-old twin girls. Her husband suddenly passed away a few weeks ago! Yes, really, he was only 34 and lived a healthy lifestyle, looked great, and didn’t smoke. Nobody saw it coming, it’s really awful.
Now she suddenly has to take care of everything on her own. She has a part-time job, but her earnings are not nearly enough to pay for everything. The insurance company paid off their mortgage, so at least she owns her home now, but other than that, she has nothing left. Most of their savings were used to pay for the initial expenses after his death.
There is not enough money to pay for all the monthly bills.
She is distraught and in shock. Her and the kids don’t even get the opportunity to process their grief together, because she has to figure out how to continue taking care of the family. There is not enough money to pay for all the monthly bills. Now she has to start working fulltime, even though the kids need her full attention right now. The question is, will she succeed in quickly finding a fulltime job, as well as good childcare? Hopefully she will find a job that pays enough, because raising two kids on your own is not easy!”
One of the other friends who was listening intently to the story, starts talking about her experience with a neighbor a few years ago. “Her husband died unexpectedly as well, but they had arranged for financial protection in case a parent would pass away while the children were still living at home. It’s actually quite easy and inexpensive to prepare for the financial consequences of a terrible event like that.
There was enough money to pay for all the bills and to properly take care of the kids for the first few years.
As soon as they had kids, they bought insurance that would protect them. The insurance company paid them the funds they were insured for right after her husband passed away. This way, the family did not have to deal with any financial problems. There was enough money to pay for all the bills and to properly take care of the kids for the first few years. My neighbor was able to spend time with her kids so they could properly process their loss, without having to worry about money right away.”
We never like thinking about these things, but these types of unexpected occurrences can really turn your life upside down. Because of this, it is advisable to be financially prepared for a situation like that.
Want to know more about how you can protect your family financially in the event of the sudden passing of one of the parents? Please feel free to contact us. We'd gladly help you with advice.
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