Life insurance
Today is a sad day, my great uncle passed away, and his poor widow found out that he had stopped paying his life insurance premiums 2 years ago. She had never tried to understand the finances of it all, and now it was too late. They had just a small savings, and of course their social security checks, which don't amount to a lot of money. She spent most of the day, just shaking her head in disbelief, since she found out that his life insurance premiums were only about $28.00 per month and his death benefit would have been $200,000. Now she has to make the cheapest funeral arrangements possible and will probably have to spend the rest of her days scrimping and saving every dime to try and make ends meet. It is really sad. The family would be glad to help her out, but she is proud and will never accept charity.
I just can't understand why he stopped paying the premiums, did he forget? Term life insurance is not very expensive at all. It is a shame that more people don't realize how much a life insurance policy can help their family members out in their time of crisis. Life insurance can help cover things like paying off a mortgage, or paying for funeral arrangements, or just help to give a loved one some money in the bank. Especially, if that other person is your spouse and counts on you for a source of income and stability. I guess many people don't like to think about dying, but unfortunately it happens to all of us, and in that case, life insurance is the most important type of insurance to have. Let's face it, you may not ever get into a car accident, or have your home burn down, but you are definitely going to die and that may sound morbid, but it is true. No matter how much you avoid it, death is something that is guaranteed, and therefore there is no better insurance policy than a life insurance policy.
Life insurance is really important, and keeping up with your premiums is imperative. Whether you choose a whole life policy ( one that builds cash value ) or a term life policy ( one that only pays benefits when you die ), if you don't have life insurance, be sure to get a policy now. Don't wait, your family needs to know that they are taken care of when you're gone.