The effect of life insurance after the death of a breadwinner can be
interesting to observe.
I guess it would be best to first look at the situation without life insurance. A hypothetical example may also help.
Jim is age 42, married and has 2 children ages 14 and 16. Jim started a
little late as he wanted to prepare for his upcoming family. His wife
Alicia is age 38.
Jim developed terminal cancer and was quite aware that he didn't have much longer to live. Alicia Never worked because she felt she wanted to focus on raising the children.
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Jim and Alicia were doing quite well. Jim's income was more than
sufficient to live on. They owned their own house. They had talked about
buying an insurance policy
but never seemed to get around to getting a program started.
Jim is devastated because he is very aware of the problems the family will have after he is gone. They have a savings account with about $40,000. They were thinking of college education for the children when they started saving.
Upon Jim's death that money will disappear very quickly if he has no life insurance.
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Should life insurance buying be seen as an urgent matter? There is something about some people that at times may cause them to procrastinate about matters that could end up being quite costly...
Let us talk affordable term insurance. You want a policy that can fit into your budget, right?
It can be a very satisfying feeling when you become aware of the advantages of whole life insurance for the first time.
The best term life insurance rate can be quite easily found on the internet today because web insurance companies have done intense research on behalf of the consumer.
I recently did some research on the development of the 30 year term insurance policy over the years. What I learned was quite interesting.