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 insurance coverage. 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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Death proceeds from 10 year life insurance can be in lump sum form or incomr form
The 5 year term life insurance policy has been around in insurance circles for a very long time. It can be sold as a policy or as a rider to a permanent life insurance policy.
The 20 year term insurance policy is one of the most sought after life insurance policies.
Take a look at 20 pay life insurance. Most people know that you buy whole life insurance if you want to be covered for the rest of your life even if you live to age 100.