Wrongful Death: How to Protect Your Family Financially

Death is an unavoidable event for all human beings. One way or the other, we are all going to die, albeit in different circumstances or ways. While some die in their sleep, some others die from accidents.

There’s however a more heart-wrenching type of death; death due to the negligence of others. It is one of the most devastating experiences any person or family can have, knowing the victim’s death was totally preventable, only if the other party (the causer) was more careful or diligent.

Pain can quickly evolve into anger and emotions may boil over.

This gets worse when the deceased leaves the family in dire financial circumstances. That’s when the severity and devastating effects of a wrongful death becomes very glaring.

While no amount of compensation will ease the pain caused by the loss of a loved one, there are several steps you can take while you're yet alive to ensure financial stability for your family in case of a wrongful death, one of which is life insurance.

Another way your family can protect themselves financially in case of your wrongful death is to file a wrongful death claim against the other party. Let’s discuss both below.

1. Life Insurance.

Life insurance is an agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured.

Life insurance is necessary to ensure your family’s financial future, provide for retirement security, pay for medical bills, funeral costs, fund college education, mortgage payments, and any other ongoing household expenses.

The more important question is: How much life insurance do you need?

Calculating how much life insurance you need is actually pretty easy. However, have it in mind that it’s always ballpark calculation, and you only get pretty close to what you might eventually need.

Generally, the amount of life insurance you need depends on several factors like your age; how much debt you have other than mortgage; your monthly income and expenses – and savings; how much income your survivors need if you’re not around; your net worth; the total number of dependents you have; the likely income of each dependent; and so forth.

You should also consider inflation and change in interest rate. And most importantly, you should periodically review your life insurance coverage with your financial advisor to determine your coverage status.

You need life insurance if the loss of one income will affect your family severely. Adequate life insurance can comfortably replace your income and help secure your family’s finances. This is just one of the many reasons why you need life insurance.

2. A Wrongful Death Claim

A wrongful death attorney is needed at this stage to protect your family’s financial future.

Asides the option of life insurance, filing a lawsuit against an individual or corporation responsible for the death of a loved one can also help reduce a portion of the financial burdens caused by the unexpected loss.

For instance, a family may file a lawsuit against an organization whose failure to follow standard safety measures led to the death of the breadwinner of the family in a construction collapse.

These claims are usually meant to address the medical bills incurred before, during and after the demise. If there were ambulance fees, fees for treatment received in an emergency room, hospital fees and probably mortuary fees, they may be included.

Amount to be awarded can vary, depending on how the individual died and the circumstances of the death.

Any member of the immediate family of the person who passed away can usually file suit through his or her attorney. This person could be the spouse, partner, biological or adopted child.

It can be almost impossible to get over the loss of a loved one. The emotional injuries may take a while to heal. The financial troubles may be staggering too. But with life insurance and a wrongful death claim, there's no need to fret about your financial stability.


Jimmy Rohampton is a freelance writer, blogger and business consultant from Southwest London. He travels the world and helps people master blogging and online marketing at HowToCreateABlog.org. Think you're interesting and he should know you? Say "Hi" to him at Jimmy@HowToCreateABlog.org

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