When we lose a loved one, we often go through a whole range of emotions and processing grief can look very different from person to person. Coping with a loss is often paired with trying to establish a new normal and finding a way to carry on after someone is gone. Along with the emotional stress, a loss can also be very financially overwhelming, especially if there is no plan in place to cover expenses and day-to-day bills. Life insurance is designed to help replace crucial income, pay for funeral costs, and alleviate some of the financial hardship that can follow the loss of a loved one. Here is a closer look at how to cope when someone you love has died and ways that life insurance can ease the burden during this difficult time.
Creating a strategy that may help your loved ones is one of the most important and fundamental steps in developing a sound financial approach. The calculator above may help you better assess your family's needs in the event of your untimely death.
Also, life insurance can be used in many other ways like creating a tax-free income stream in retirement income planning. Discover these proven strategies used by the wealthy by clicking the tab below.