3 Essentials to Financial Defense
Line of duty deaths (LODD) are not easy or fun topics to discuss, but they are a reality of our chosen careers. Having had the honor of the assisting with the organization of line of duty death memorial services, I have witnessed firsthand the pain of the involved family. There are three items that you can put into place to lessen the burden on your family should tragedy ever strike:
Have term life insurance in place
Complete an LODD packet
Have a will
None of items will increase your chances of dying, but they will take some stress and decision making off your family.
Imagine a family in their mid-30s with three children under the age of 10. They are working their way through some debt they have accrued over the years and still have mortgage on their home. They have talked about getting a will and term life insurance but have never gotten around to it. Tragedy strikes and the husband is lost in the line of duty. Now the wife is not only left with the emotional impact of the death, but also the financial burden of caring for the children with a loss of income. Now imagine that same family in the same circumstances, but he had a million-dollar term life insurance in place. The wife could stabilize the household by paying off all the debt/house and invest the remainder of the money to create income. Go to Zander Insurance for a quick quote on life insurance.
LODD packets and wills are easy documents to complete that will lay out your wishes, so that your family is not forced to make decisions while also trying to grieve. What songs do you want played at your funeral, who do you want as your pallbearers, who do you want as speakers, etc. I know that these are uncomfortable topics to think about, but don’t force your family to make those decisions in the fog of grief.
Pay the money to complete a will, it is worth it! Don’t let the state dictate where your assets or your children will go. There are several online resources to create a will, such as Mama Bear Legal Forms.
Give your family a gift and put all three of these important items in place today! If you have any questions about your financial situation, schedule a free 15-minute consultation today.
Stay safe and stay well.