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The unexpected loss of a family member can cause tremendous emotional suffering, but if the loved one was a major contributor to the family's financial well being, that suffering can be compounded by severe financial strain. By managing the risk of such a financial loss, families can reduce the stress and have some peace of mind knowing the surviving members will be financially secure.
Determining how to anticipate the loss of a loved one can be accomplished through appropriate life insurance planning. For most families, this type of planning is an unpleasant task, but the consequences of not planning may be financially devastating. These issues should be taken into consideration: |
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Family lifestyle - How will a loss of income impact the family and what level of income should be maintained? |
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Current debts - Will the family be able to maintain its financial obligations or should these debts be paid off? |
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Spouse and dependent care issues - Are there children at home and do they have ongoing educational and support needs? Will the surviving spouse be able to survive on his/her own? |
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Existing family resources - What income or assets are available to provide for continuing family needs? Are these resources sufficient? |
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Establish target family income needs and determine which financial obligations will be satisfied in the event of a premature death. |
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Determine if any assets and existing life insurance will be available to meet ongoing financial obligations. |
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Calculate the difference between the family income needs and financial obligations, and the current assets and existing life insurance available to meet those needs, and purchase additional life insurance if there is a gap. |
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Learn more from the JCB Investor Services representative today. |
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Securities and insurance products are offered through INVEST Financial Corporation (INVEST), member, FINRA, SIPC and affiliated insurance agencies. JCB has entered into a third party arrangement allowing INVEST to offer securities to bank customers. JCB is not affiliated with INVEST or JCB Investor Services. Products are:
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| NOT FDIC INSURED |
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May lose value |
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No Bank Guarantee |
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