Tip of the Week: How Families Fare (11/15/99)

\| Home \| Site Search \| Previous Tips \|
	How Families Fare Financial Tip of the Week by Deloitte & Touche OnLine November 15, 1999

When a spouse dies, three factors determine how well the family survives.

See our archive of previous tips on your money, your taxes and your financial plan.

When a spouse dies unexpectedly, how well do the surviving family members fare financially? It depends on three factors, according to the 1998 Survivor Study, led by LIMRA International, a life insurance industry group.

The three factors:

Cause of death: A protracted illness can magnify the loss of income.
Gender: Women continue to be at an economic disadvantage compared to men. Women are more likely to work only part time or not at all. Men are more likely to be the principal breadwinner with group benefits to cover long-term illness, but more income is lost.
Age: Younger people typically have lower incomes and fewer assets accumulated.

It's not just the wealthy who need estate planning. See our Estate Planning Guide and get started.