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Allison Walsh, Director of Marketing Strategy
Getting through the teen years, graduating from school and finally getting out on your own is a huge accomplishment. Congratulations!
Now that you’re an adult with new and pressing responsibilities, it’s time to take a closer look at how your loved ones would be affected –and to what degree-if the unthinkable happened, and you suffered an untimely death.
You may think any debt you have will die with you, however that is not always the case. If someone, like a parent or a spouse, is a joint credit card holder, they will be responsible for any credit card debt you have, regardless if they made the purchases or not.1
Additionally your spouse could be held responsible for your debt, even if they aren’t co-signers , if you live in a community property state which includes Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.2
Who is responsible for student loan debt in the event of your death depends on the type of student loan you have. Federal loan debts are erased if you die before they’re paid off. Private student loan lenders have different policies, so be sure to check on yours to fully understand whom, if anyone, could be held responsible. Even if a student loan is totally forgiven, there could still be tax implications.2
You probably haven’t thought about it, because it’s not something most people enjoy planning for, but final expenses, including:
Can average from $6260-$87553, depending on the types of service and where you live. This doesn’t include the cost of a reception afterwards, which is a common custom following a funeral.
A life insurance policy could help your loved ones pay for these final expenses and spare them the stress of worrying about related costs, so they can focus on grieving.
If you have children, a partner and/or a spouse who depends on your income to maintain their home and quality of life, having enough life insurance is essential. Check your policy and plug your unique information into this life insurance calculator to make sure you have enough.
If you don’t have children but plan to have them one day, buying life insurance while you’re relatively young and healthy, and before you’re pegnant , is a smart move and can allow you to lock in low rates that you wouldn’t be able to get later on.
Most people overestimate the cost of life insurance. The good news is that on average, a healthy 30 year old can buy a 20 year, $250,000 term life insurance policy for around $13 per month.4 Whole (or permanent) life insurance costs more per month, but can serve as a savings vehicle as well. To find out what plan is best for you, contact one of our agents today-and stay safe!
1-Johnson, H. D. (2019, June 28). Here's What Happens To Credit Card Debt After Death. Retrieved from https://www.bankrate.com/credit-cards/death-inherits-credit-card-debt/
2-Templeton, D. (2013, June 23). What Happens to Student Loans When You Die? Retrieved from https://abcnews.go.com/Business/student-loans-die/story?id=19460467
3-(n.d.). News. Retrieved from http://www.nfda.org/news/statistics
4-(n.d.). Do Single People REALLY Need Life Insurance? Retrieved from https://lifehappens.org/insurance-overview/life-insurance/who-needs-life-insurance-single/?_ga=2.236808833.1602889022.1567636128-529731056.1564696138
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Combined Insurance Company of America (Chicago, IL Illinois) is a leading provider of individual supplemental accident, disability, health, and life insurance products and a Chubb company. With a tradition of nearly 100 years of success, we have an A+ rating by the Better Business Bureau and are one of Ward’s Top 50® Performing Life-Health Insurance Companies. Combined Insurance is also the number one Military Friendly® Employer in the over $1B revenue category for 2019 by VIQTORY. This is the company’s eighth consecutive year on the top 10 list and fifth consecutive year in the top 5—Combined Insurance was previously named the number one Military Friendly® Employer in the nation for 2015 and 2016. In New York, products are underwritten by Combined Life Insurance Company of New York (Latham, NY).
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