Inadequate Life Insurance Leaves Spouses With Lower Standards Of Living

Lives change. Growing families often trade up to a bigger house. Someone with a pay raise might think of getting a better car. But how many with changing circumstances think about the need to trade up to a better life insurance policy? Turns out... not many. And that means a more difficult life for surviving family members. In fact, The Insurance Information Institute says that nearly half of surviving spouses would experience a 20 to 40% decline in their standard of living if the primary wage earner in the family died. Life insurance is like money in the bank. And, like a retirement account, the equity can grow. It can be used for almost anything – to pay funeral expenses, debts, and to maintain a certain standard of living. September is National Insurance Month, the time each year to familiarize yourself with your policy and check if you’re adequately covered.