It’s an all-too-common occurrence: A family loses a loved one unexpectedly and is forced to appeal for help to cover expenses. Many of us have seen the memorials on social media, the crowdfunding websites or the donation bins at a local store for a family dealing with an unexpected loss. In many cases, the family must reveal personal details – forfeiting privacy – just to get the help they need.
Would you believe that 1 in 5 families with children under age 18 does not have life insurance? As shocking as that may be to many of us, a 2018 study by LIMRA, a leading insurance and financial services trade organization, also found that 3 in 10 families would be in immediate financial trouble if a primary wage earner died. And, nearly half of respondents would experience financial adversity in just six months.