In today’s fast-paced world, many families find themselves caught up in a whirlwind of activity, juggling work responsibilities with family obligations and recreational pursuits. With so much going on, it’s easy to take some things for granted: the home you live in, the food on your table and your finances.
However, life may not always turn out as planned. The untimely death of a spouse, friend or relative who lives with you could dramatically alter this picture, both presently and in the future. For many families, two incomes are needed to maintain their home and desired standard of living.
If the worst were to happen to you or your partner, could your surving relative continue with mortgage payments? What about expenses for maintenance, utilities, unforeseen repairs, and property taxes?
Even if only one brings in cash income, the nonearning spouse, partner or relative may provide critical “noncash” services, such as performing the numerous tasks involved in maintaining a home. If your family’s income suddenly stopped or was reduced, the impact on your lifestyle could be significant. If a tragedy were to strike, having to turn the house keys to the bank is the last thing you want to happen to you or your loved ones. That’s why it is important to think ahead.
Having adequate life insurance coverage can play a valuable role in protecting your family’s lifestyle. The proper coverage can help replace your income or that of your spouse’s; or provide supplemental funds so your home can be maintained and continue to function as normally as possible. If both you and your spouse or relative work, consider the value of your partner’s lost income. If your spouse or relative is a noncash earner, think about how much it would cost to hire somebody to take care of all the tasks he or she performs at no charge.
The unexpected death of yourself or your relative could easily unravel the lifestyle your family shared. Funds set aside for retirement, a college fund or a child’s wedding may need to be reallocated to cover basic expenses. However, you can address these kinds of situations ahead of time if you have the appropriate amount of life insurance coverage.
While it’s human nature to take life for granted, unexpected turns can sometimes happen. Life insurance coverage may help your family be better equipped to maintain the household in the event of a death.
At Popular Insurance, our licensed insurance professionals are ready to guide and help you select the right life insurance policy that will give your family the financial protection they need. Go to popular.com/en/insurance/life or call us at 787-706-4111 for orientation and a quote.
This article is for informational purposes.
Insurance products and services are offered by Popular Insurance LLC, a subsidiary of Popular, Inc. and affiliate of Banco Popular de Puerto Rico. Popular Insurance is a General Agency and Authorized Representative duly authorized by the Office of the Insurance Commissioner to manage life insurance business, variable life, variable annuities, disability, property and contingency, title and health services in Puerto Rico. Insurance products are not deposits, are not insured by the FDIC or other federal government agencies, and are not guaranteed by Banco Popular de Puerto Rico.