It’s impossible to talk about life insurance without taking a moment to acknowledge the words of Benjamin Franklin: “(but, in this world), nothing is certain except death and taxes.” Death can be an uncomfortable subject for people, and it is natural to want to avoid discussing it. Yet, it is so vital to think about what will happen to the people we leave behind and how to proactively plan and prepare our loved ones to go on without us.
A report by the Life Insurance Marketing and Research Association (LIMRA) and Life Happens shows that 44% of American households would encounter significant financial difficulties within half a year if they lost the primary wage earner in the family, and 28% would encounter these difficulties in only one month. That is why life insurance should be a basic element of your legacy plan. It helps replace your income after you die by paying a benefit directly to any beneficiaries you choose, such as your spouse, partner, children or other loved ones.
