Surviving Spouses & Life Insurance
When it comes to life insurance, there can be a wide range of influencing factors fueling the purchase. However, one of the most common reasons for obtaining life insurance protection is to maintain household income and financial stability following the loss of a spouse or partner. New York Life recently released the results of a 2014 study it did on the loss of a spouse. The researchers found that 68% of the widows interviewed reported experiencing significant life changes. Financial concerns were at the top of the list.
For example, in the study 66% of the widows reported “significant financial change” compared to approximately half of the widowers. At the top of the list of changes was “adjusting to a change in income level” – with 55% of the widows citing this and 34% of the widowers citing it. Still a significant number of men were also concerned after losing a spouse. This is of course due to the number of women now in the workforce, with dual income families the norm.
Because many wives are working spouses with their own sizable contributions to the household income, it is important to make sure both spouses/partners have enough life insurance to sustain the surviving loved one and the family. Therefore, to ensure the financial stability for your spouse/family for the future, it is important to not only obtain life insurance protection, but also update your life policy as necessary ie. to make sure you have enough life insurance to cover increases in your income and assets as they may grow over the years. Nearly 47% of women told researchers that they wished they had some or more life insurance at the time their spouse passed away. When buying life insurance and preparing to secure you and/or your family’s future, foresight is critical. We can help and right now life insurance rates are lower than they have been in quite a while.
Contact Randy Jones Insurance Services in Pleasanton for all of your California life insurance needs. We will help make sure you have the coverage you need for the future!