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Aug 14, 2013

Although most Arizona families know that life insurance is important—a whopping 93% believe that life insurance is a necessity—most residents don’t know where their money goes after they die. Although the amount of money needed to fulfill a typical Phoenix life insurance plan is considerable for many families, it is necessary. The truth is that following someone’s death, there is a great deal of money that is needed to continue living with the same quality of life.

Understanding the needs of insurance beneficiaries after the loss of a family member will better illustrate the importance and demands of standard Phoenix life insurance coverage plan.

Substituting the Lost Income from the Deceased: The livelihood of most American households depend on the income of two individuals—nearly 3/4 of all American households fall into this category. The loss of a single income would render most households incapable of affording the most simple of daily needs such as food and housing. 

Property Bills and Taxes: There are hefty bills and taxes involved in having a home, especially over the course of years and decades. The loss of one breadwinner can make meeting these payments difficult, and nearly impossible in the long-run. For example, if a spouse passes away with twenty more years left on the mortgage, securing a home can become exceedingly difficult.

Funeral/Burial Costs: The average American funeral costs a staggering $30k—a fee that most families cannot afford easily even in normal financial straits. However, consider shouldering this kind of cost for a family that is struggling to pay for meals and housing, and it becomes clear how expensive a funeral can be.

Of course, life insurance can be expensive for some, but the price of this can be managed. By adopting a few changes—no smoking, eating better, showing better health, adopting safer occupations—insurance costs can drop. There is no reason to not adopt a Phoenix life insurance plan, when you have loved ones to care for. 

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