Several years ago, I asked a client, “If your wife died today, can you afford someone to help you take care of your three kids?”
He told me that yes, he could afford to pay a nanny, but it would leave a sizable dent in his finances. The client was very well off. He had a c-suite level job, but the death of his wife would still impact his financial future.
Less in 90 days later he called and asked, “How did you know I would be faced with this? She has breast cancer and I am scared to death.”
Fortunately, his wife is alive and well today. But, the question of “what if it had gone another way” remains. Five years later, after being cancer free, they purchased a life insurance policy for her and eliminated that potential disaster from their financial plan.
You and everyone you know will leave this world eventually. The question is when. Most people ignore this important question. But for some that will not be an option. The death of a spouse is devastating. The death of a son or daughter is devastating. The death of a sibling is devastating. Some people can bounce back, but a lot can’t and don’t. You won’t know until it happens. I know this from experience. My sister died of cancer on December 26, 2014.
The loss of a loved one can be emotionally devastating, but it doesn’t have to be financially disastrous as well. Contact me for a free risk analysis and together we can make sure you and your family are prepared, no matter what the future holds.