This One Decision Could Save Your Family from Financial Ruin

What Really Happens to Families When Dad Dies Without Life Insurance

Have you ever thought about how your family would get by if you were to unexpectedly die? What happens day one of your passing? What does your family even do? Let’s run through a scenario that happens all too common. 

An accident occurs. No one expected it to be fatal. But here we are at that hospital, and dad is on life support. With his family around him, dad breaths his last breath. What happens next? If you’ve ever lost a loved one, you will know that the first two days are a blur. You don’t really understand what just happened. It doesn’t feel like reality, but deep down you know it’s true. Before your family knows it, they will be hit with an immediate cost, the funeral bill. 

Maybe all that was in your family account was $50,000. Now all expenditures need to be paid from that $50,000. Typical funerals can cost anywhere between $7,000 to $15,000. Just that one cost depleted total savings by 20%. So now the question becomes, how long will the family be able to support themselves? Answer: not long at all. 

Imagine being caught up in this scenario. You have to grief, all the while managing the household, taking care of the kids, and being your own emotional support in this difficult time. Throw in finances into the mix, and you have a recipe for disaster. 

WIth so little savings, the family will be in financial turmoil. Most families would have to downsize drastically. They will fall behind in mortgage payments, and your family would have to sell their home. Aspirations for education will be halted. it’s now survival mode as they try to figure out their new life without you. Your wife, who may have been out of the job market for awhile, will now need to reenter the market while also taking care of a child. Most likely she will have to find part time work that fits her schedule as a mom. She won’t be making nearly enough to what dad was making working full time. Financially, this will put your family in poverty. 

Now imagine if your family received $1million upon your passing. How would the above scenario change? How would they feel knowing that you had their backs even in death? Their future prospects would be drastically different. The money would allow them to grief properly while not being under immense financial pressure. 

Look, this is a hard topic to talk about. Nobody wants to think about their death and how it impacts their family. However, once you bring little children into the world, your entire outlook on these topics have to change. Finding adequate life insurance is critical to the long term stability of your family. It is the responsible thing to do as a loving parent, and a caring spouse.