Life Insurance

A generation ago, unexpected loss of a loved one could be seen as an isolated situation. But today, a quick search of GoFundMe delivers a difficult reality check. Simply type “funerals” into the search field, and behold—799,182 results (on this particular day). Almost 800,000 tales of the sudden loss of a loved one, compounded by an acute financial crisis. Scrolling through the many names and faces of tragedy can be tough. And yet it allows us to see the cost of putting off buying life insurance in a whole new way. The truth is, life can be breathtakingly uncertain, but the financial impact of a sudden, unexpected loss doesn’t have to be. With life insurance, you can know—without the shadow of a doubt—that if you or your spouse or partner died unexpectedly, your family would be financially secure. And you can know that for less than a $1 a day. The Pros and Cons of Crowdsourcing GoFundMe and other crowdfunding sites are fabulous for stretch goals, for helping people get back on their feet after a setback, and for inspirational charity projects. These modern tools let regular people pool needed capital easily and safely by collecting small donations from large numbers of people and sharing your story far and wide on social media. An uncertain amount of money, reduced by service fees and taxes, or a predetermined tax-free payment? But assuming you’ll rely on a crowdfunding site if tragedy befalls? Which would you prefer during a time of intense stress—a new technology that enables panicked fundraising by your grieving family, or a time-tested financial tool that delivers funds immediately to your beneficiaries in a cash lump sum to pay immediate expenses, such as the funeral and burial, and in addition, all the day-to-day bills and debts that will have to be paid as life continues on. An uncertain amount of money, reduced by service fees and taxes, or a predetermined tax-free payment? An online fundraising obligation for your grieving family to organize, or complete certainty that all costs are covered, allowing your loved ones to focus on other things? Choose the Best Scenario for Your Family, Today Which model would you choose for your family during a time of intense stress? As it turns out, the time to choose is actually now, when tragedy is the furthest thing from everyone’s minds. You can choose to put a financial buffer in place today, so that your loved ones will never have to fend for themselves after an unexpected loss. And you can make this choice for less than the price of a daily coffee. As a point of reference, if you’re a healthy 30-year-old who doesn’t smoke, you can get a 20-year, $250,000 level term life insurance policy for about $16 a month. As you age and your health changes, the premium to get a life insurance policy increases, so it makes sense to buy coverage—and lock in the low price—when you are young and healthy. The truth is, crowdfunding only goes so far. Instead of hoping a crowdfunding site will be there if tragedy strikes someday, you can research coverage options for you and your family, right now. A minimum of hassle today can ensure your loved ones will never have to shoulder the terrible double burden of both personal and financial loss—and that they’ll never have to set up the crowdfunding