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The Conversation You Never Want To Have: Life Insurance and Wills.

February 3, 2011

There comes a point in every persons life where we need to have that awkward conversation with our parents about things like life insurance and wills. Consider it pay back for that lovely birds and bees conversation they attempted to engage you in. Like most people, I would assume my parents have those types of things covered, but you would be surprised how few do. I recently had an “aha” moment due to a family health scare and it got me thinking about what financial security, if any, my parents had in the event there were no longer here. I wondered if my brothers and I would be able to handle the fiscal burden we would likely inherit. I’m referring to the normal debts like a home mortgage, car payments, and personal credit cards.

So many people don’t think about what happens after they die. If you suddenly passed away how would that impact your family? Not just emotionally or mentally but financially? Do you have enough to cover your funeral costs? An average funeral begins around $10,000 and that’s on the low-end. Your debts don’t just get wiped out, they get passed on to your next of kin. While this may seem like a morbid topic to discuss with loved ones, it’s an essential one. It’s a way to ensure your family gets to keep its most treasured assets without having to file for personal bankruptcy. It’s a way to make sure that you don’t burden your loved ones with additional stress factors once you are gone. Losing someone is hard enough on the heart, don’t make it any worse. Don’t be ashamed to talk to your loved ones about it either. It’s not about making sure you have a sweet inheritance, it’s about making sure you can afford to handle their estate and giving them the proper resting place they deserve. I’ve heard too many stories about people losing their entire savings and even homes because of the overwhelming amount of financial responsibility that was now on their shoulders. I’m pretty sure if that loved one who passed could have foreseen the strain they implemented, life insurance and wills is a topic they wished had been discussed.

Not sure how to begin that taboo conversation? The friendly staff at GAI (www.gunwel.com) is here to help. We can give you the 411 on life insurance options and even help you with a savings plan. Let us take the worry out of financial planning. Give us a call at 212-979-6830 or stop by for a visit!!

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