I recently read about a lawsuit filed by the widow of a well-known businessman in my hometown. The man died tragically in an auto accident a few weeks ago. The story in the newspaper tells about the $7.5 million lawsuit being filed by his widow against the 16-year-old driver of the car that hit and killed this gentleman.
In graphic terms, the lawsuit for $7.5 million describes all of the widow’s losses and specifically states in the filed claim, among other things: “loss of wages, loss of earning capacity, and the present cash value of the pecuniary value of the deceased’s life.”
Now, I have no idea how much life insurance the man did or did not have, but it brings a very interesting thought to mind—and one every person should consider:
If you were to die due to the negligence of a third party, how much would you want your family to sue for?
Should your family have any less if you were to die by other means?
Said another way, if the family of the deceased thinks his “economic value” is $7.5 million, it would be interesting to know if the gentleman had insured himself for anything near this amount.
“Loss of wages, loss of earning capacity, the present cash value of the pecuniary value” … That’s exactly what life insurance is for!
Here is the reality: When you’re no longer here, your family or business will likely have an economic loss due to your death. Should the amount they receive vary based on the manner in which you die?
Think about it …
While no amount of money can make up for the loss of a loved one, you need to ask yourself if your “economic value” to your family is insured. Use this easy online calculator to make sure.