Within the past ten months, there have been eight deaths of people whom I personally know or know their families. This is not counting those over the age of 65, as there are many more in the community who have passed away. I want to focus on the 18-45 years of age who were killed in an accident or from illness. I have personally spoken with family members months after a passing and as part of the discussion I have asked what they would do differently to prepare, now that they have gone through this tremendous hardship. Here is what I have learned:

Children

For those who lose a child, often times there is little insurance to help even with the burial needs. Family and friends generally help, but it is always more costly than we realize.

Adults with a family

These can be the most complicated, especially where divorce and split families are involved. 

This painful situation can be made easier with the following:

Last Will & Testament Get one in place. If you have one, update it.

Power of Attorney This is huge so you can carry out each other’s wishes

Banking Make sure that you have every account with both of your names on it. This has been especially difficult for some because the bank sometimes has its hands tied for months just to help you get into the account. Know the passwords and pins so that you can access accounts if needed. 

Life Insurance EVEN if you have a policy that is offered through work, it is never enough. The younger and more healthy you are the less it will cost you, but it literally is a MUST! I remember several years ago a buddy of mine in the food business died suddenly in his early 40’s. This was a man who owned a solid business, big house, nice cars and big debt. When he died he had zero life insurance. His wife had to sell the house. He was the business, so the inventory went away for very little money. Cars were sold. She moved into her parents’ home with her four children and went back to school to become a nurse. The sad part was that he could have had even a reasonable $250,000 life policy for about $30 a month. 

It is time for all of us to make sure this part of our life is in order. For the cost of that coffee or dirty diet Coke we get each day, we can get  a reasonable amount of coverage to help our families and loved ones if the unthinkable happens to us. We are more than happy to help. Reach out to our office and see what makes sense for your situation and please don’t wait.