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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Term life insurance is life insurance in it's simplest form. These policies stay in force for a specific number of years, for example, 5 years 10 years etc.
Whole life insurance is the plan of choice for many people. There are many variations to this plan.
Universal life insurance was designed with the express intention of combatting the venerable whole life insurance policy.
Are you looking for quality term insurance quotes? Have you determined how much you need? Do you know what type of term insurance is best for you?
In many cases it is a good idea to buy term insurance online. Some people know just how much life insurance they want to buy before they get online.