Losing a Loved One

Whether expected or unexpected, the death of a loved one creates a wide range of emotions and life changes that have to be addressed. As you begin to get your loved one’s financial affairs in order, one of the first things you should do is review his or her benefits package. You should also make whatever changes are necessary to your own benefits. This section provides you with information that can help you confront some of the emotional and financial issues involved with the passing of a loved one. Don’t forget to check out the great EAP services we offer to our employees.

Sample Life Insurance Cost

Many people are under the misconception that they cannot afford the amount of life insurance that they actually need. The following chart provides you an estimate of the cost of meeting your needs if you take out an individual policy.

Using the Table

Let’s assume that you are a male, aged 35, who needs $250,000 of life insurance. This table shows you sample costs from one insurance company, using the assumptions described below. If you are preferred risk, the premium would be $18.59 per month. If you are a 32-year-old female, your rate would be lower than $18.59 per month.

The rates shown below are based on a 10-year renewable and convertible term policy, using “Non-Smoker Preferred Male” rates. Female rates are lower. (Remember, these rates are sample rates only, you might find lower rates in the marketplace.)