If your paycheck stopped tomorrow, what would happen next?
Not eventually.
Next month.
If your paycheck stopped tomorrow, what would happen next? Not eventually. Next month.
Follow the Money
Think about what your income currently pays for:
- Mortgage or rent
- Utilities
- Food
- Transportation
- Childcare
- Insurance
- Healthcare
- Debt payments
- Education
- Savings
- Retirement contributions
- Support for parents or relatives
- Everyday family life
Now ask: Which of those expenses disappear if I die? Many of them don't.
Build a Simple Income-Dependency Picture
Write down your monthly household expenses, the income you provide, the income provided by others, emergency savings available, existing life insurance, and other resources.
This doesn't tell you what product to purchase.
It tells you where the vulnerability may be.
Don't Forget Non-Paid Work
Income isn't the only contribution with economic value.
Childcare, transportation, caregiving and household responsibilities may need to be replaced if the person performing them is no longer there.
Questions Worth Asking
- Who depends on me?
- How quickly would my family need money?
- How long would they need support?
- Would they be able to stay in the home?
- What debts would remain?
- What protection already exists?
- What responsibilities would someone else suddenly have to assume?
GEMACE Perspective
Life insurance isn't really about replacing a person.
That's impossible.
It's about considering whether the financial responsibilities that person carried can continue without them.
You don't have to become an insurance expert. But you should understand enough to ask better questions, recognize what matters and make more informed decisions.
How Does This Fit Into Your Life?
GEMACE LifeMap™ begins with your family, responsibilities, goals, concerns and what you're already counting on before discussing possible solutions.
You don't have to become an insurance expert. But you should understand enough to ask better questions, recognize what matters and make more informed decisions.
Educational Information
This material is provided for general educational purposes only and is not intended as individualized insurance, financial, investment, tax or legal advice. Individual circumstances vary. Insurance products, features, availability, eligibility, costs and policy provisions vary by insurer, product and applicant. Review actual policy documents and consult appropriately licensed or qualified professionals regarding your individual circumstances.