If you don't have life insurance coverage or lots of money in the bank, the costs would likely have to come out of their pockets. If you don't have life insurance, you should consider getting some. It is a necessity of life. Think about the consequences of not having enough life insurance coverage and/or not having any insurance at all. Not having life insurance can become much more expensive in the long term for loved ones than what it might cost you if you were paying for it as a monthly or or bi-monthly expense.
There are some hard questions you should ask yourself concerning real life scenarios that do happen to people on any given day such as:
What would happen if I should die suddenly and have no life insurance? Who would take care of my funeral expenses?
How would my family live? Would they be able to pay the bills, the mortgage payment, etc.?
What would happen if my spouse, or one of my children, should die unexpectedly? How would I come up with the money to bury them?
These are legitimate questions. The only viable answer to any of these questions is that some sort of life insurance coverage is necessary for just about everyone. You shouldn't wait until the unthinkable happens before you start asking these questions. By then, it's too late. Without a doubt, life insurance is very expensive. On average, nearly 10 percent of our incomes is spent on insurances. That's a lot, but many people, especially those who have had an experience with a loved one who had an accidental death or a death from a heart attack, stroke, cancer, pneumonia, or some other illness, can attest to the need to be insured. Although life insurance is expensive, there are ways to lessen the costs.
The smart way to buy life insurance is to not become over insured. Many people buy way more insurance than they need because it makes them feel safe and secure. This is great if they can afford it, but why are they overburdening themselves? They can minimize their insurance costs by buying only what is necessary to cover their basic after death needs. Leaving a lot of money for family members when you die is commendable, but in many cases, it drains you financially in long term costs and that much coverage may not really be necessary.
Sometimes people insure themselves for hundreds of thousands, even millions of dollars. The large death benefit amounts sound good but the astronomical amounts in monthly payments doesn't. A reasonable amount of life insurance would be enough to cover funeral expenses plus provide an additional cushion to cover other costs, especially if there are minors involved. In the case of young children, consider what it would cost for someone else to have to take care of them until they are grown. Even then, you have to remember that social security may be awarded to children until they turn eighteen years old, providing you have paid into the social security fund. Think about the type of life insurance you need, whether it's whole life, term life, etc., and decide which is better for you. Remember that you are buying insurance to cover funeral expenses and bills that are left behind.