In today’s tip, we focus on financial preparation for your people -- those family, friends, and associates who in some way depend on you financially, will mourn your passing, and will need resources and comfort to move forward in life without you.

Life insurance should be a key component in the financial plan for most families preparing for the death of a loved on whom they are dependent in some way. In this week’s tip we’ll discuss the pros and cons of the different ways to acquire life insurance.

Death is expensive. In addition to the hard costs of a burial or cremation, there is the cost of replacing the income and/or the services that the deceased provided for the family. There may also be costs to “settle” the deceased’s estate or to aid grieving family members. These and other unforeseen expenses make the creation of a “what-if” financial plan critical for the surviving family members…

In this week’s tip, we outline an important exercise to go through to make sure that your family is ready for when that time comes.