Some topics are easier to talk about than others. People can talk about their favorite sports teams all day long, but the discussion gets tough when it comes to certain aspects of life. Death is one of those subjects that can be difficult to talk about.

Despite it not being a pleasant topic of conversation, it is a necessary one. According to one report, 83% have a financial plan after death, but only about a third of those have discussed what it entails. After death isn’t the time for communication. Here’s why and how you can talk about life insurance with your family.

It Communicates Care

If you were to pass away unexpectedly, your family would be emotionally and maybe even financially devastated. Regardless of your role in the family, your contributions matter. If you’re the primary financial contributor, would your family be able to cover their expenses?

If you stay home and care for the children, could your partner afford daycare after you are gone? A clear discussion about the financial plans in the event of death sends the message that you want your family to be taken care of and able to carry on.

Provides Opportunity to Plan

A discussion about life insurance is a great opportunity to lay all the plans on the table. Talking about what would happen after your departure could provide the opportunity to detail what would need to be covered. While discussing the matter, you can figure out:

  • The entire household income.
  • Future financial goals.
  • All outstanding debts.
  • Bills and other financial obligations.
  • Taxes and funeral expenses.

Laying out all the plans can help you get a whole idea of how much insurance you’d need to purchase, who would be the beneficiary, and how to use the money. This could bring your family a lot of peace surrounding the topic.

Opens Discussion for Insurance Plans

Maybe during the financial planning conversation, you uncovered an expense that was particularly troubling to your partner. In that case, you could discuss other options to help ease the burden. Insurance policies for specific purposes exist, including:

  • Survivorship insurance for estate planning
  • Funeral insurance for burial expenses
  • Mortgage insurance to cover the balance on your home.

Being proactive in deciding which type of policy or policies to get is another opportunity to communicate that you care about your family’s future after you’re gone. It’s an opportunity to come closer and be a united team.

PHP Agency Can Help You Get the Insurance You Need

Nobody wants to think about death, let alone discuss it with loved ones. It’s an important topic to cover, though. If done correctly, it’s a chance for proper financial planning and solutions that matter. While applying practicality to the matter, it’s also a chance to communicate your care and alleviate any doubts surrounding the topic. If you need more help, guidance, or clarity on specific policies and how they’ll protect your loved ones, give one of the caring professionals at PHP a call to learn more.