Go Fund Me or Life Insurance?Submitted by Helping Families Build A Financial Legacy on October 18th, 2016
I’m trying to raise money to help my friend Sarah cover funeral expenses for her husband. Her husband, Tom passed away unexpectedly last night in his sleep. He was only 42 years old and was one of the nicest people you’d ever meet. Sarah is now a widow at age 38 with two beautiful children and is faced with raising them on her own. You never expect something like this to happen and they are without life insurance. Please contribute—any amount will help. Thank you for your love, support, and tears. Sincerely, Stacey.
How many times have you come across a heartbreaking story like the one above? A young family hit with the unexpected death of family’s primary wage earner and no life insurance. While many generous family and friends may help contribute to the cause, many only receive enough funds to cover the final expenses and little is left over to provide for the long term needs of the family.
As a CERTIFIED FINANCIAL PLANNING™ professional I advise clients with dependents to consider term life insurance an essential part of their financial plan. For a healthy adult, term life insurance is an affordable way to protect the ones you love from your untimely death. The death benefits from a life insurance policy can be used to pay for funeral expenses, fund retirement, replace income, and fund education savings for your children. Don’t think you need life insurance because you aren’t contributing financially? Think again. The contributions provided by a nonwage earner like caring for children and household management will have to be replaced. Life insurance can provide the surviving parent the option of paying others to provide these services.
Don’t rely on “Go Fund Me” and the kindness of others to provide for your family in the event of the unexpected. Contact me to learn how to protect your family’s lifestyle with term life insurance.
Lori Nadglowski, CFP®, MBA has a passion for helping families and those in need. After over two decades of experience in the financial services industry, she took that love and founded Laurel Wealth Management, LLC, a firm dedicated to building a financial legacy. For more information go to www.laurelwm.com or contact Lori at email@example.com.