President, Lane Independent Agency, Southern California
Depends on what their assets are. Typically, there will be little money left for their family and little for burial costs. But why put your family through any of this? Any life insurance is better than no life insurance. Even the smallest policy can pay for burial expenses. A bit more can help keep your kids in the same house and school. Even if your spouse must return to an outside job, the benefits from even a small policy can help pay some of the bills. You should discuss your needs with a qualified agent. Call me. Gary Lane, Registered Representative and Agent, New York Life, 949 797 2424. Thank you.
Life Insurance provides financial security to your heirs so if there is no life insurance in place, no benefit will be received by your heirs. All the final expenses will have to be paid by assets of the deceased such as from savings and checking accounts. There will be other expenses which the family would most likely have to pay as well.
Consider at least a final expense policy to help with burial and other final costs.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
There is one very key element to this question that is common to all of us, whether or not we own Life Insurance. We are all going to die. Those who have Life Insurance when they die will have provided for some measure of financial security for those whom they love. This, "legacy of love" of course could never replace the loved one lost, however, it can provide for final expenses, payment of outstanding debt, etc. as well as offering the survivor's long term financial security.
There is no law that makes you buy life insurance, so there is no penalty for not buying life insurance. However, even if you are on Medicaid, Social Security, or are a veteran, there is no fund that will pay for more than about 10% of your final expense costs. If you do not have the money saved up to cover your expenses after you die, it is on your shoulders to take care of that through life insurance or other savings. Otherwise, it will be your family's responsibility.
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Consider at least a final expense policy to help with burial and other final costs.