Northwestern Mutual

Loss of a Loved One

Establish a plan to minimize the financial impact when a loved one is lost.

Loss of a Loved One

Of all of the challenges in life, the loss of a loved one can be one of the most painful experiences you will encounter. By having a plan in place to manage the financial consequences of losing a loved one, you can focus on addressing the emotional challenges death may bring.

Watch the living benefits of permanent life insurance video

To minimize the financial impact—or to ease the burden on your loved ones when you die—take steps to:

Ensure your wishes are known and honored.

Does your family know your intentions? While you're still healthy, talk with your family about your wishes. Nursing home preferences. Health care directives. Burial plots. Wills. Sensitive subjects, certainly, but ones that shouldn't be avoided.

By having "the talk" today, your wishes will be known and honored when you're no longer able to articulate them. It also gives your family peace of mind; you don’t want to burden them with having to make important decisions when they are already dealing with your death. A comprehensive estate plan will include:1

See an example of a financial plan
  • Naming a power of attorney for health care.
  • Naming a power of attorney for your finances.
  • Making clear your end-of-life health care directives.
  • Naming a guardian, if you have children.
  • Establishing a will or trust for the transfer of assets according to your wishes.

Provide for the financial security of your loved ones.

To protect the financial future of your loved ones, consider the purchase of life insurance. Both term insurance and permanent life insurance provide benefits to your loved ones—to pay bills or take care of other financial obligations in the event of your death. But you may be surprised to learn that permanent life insurance can also provide for you and your family while you're living. As you pay premiums, the policy builds cash value that grows tax deferred and becomes a source of funding you can utilize.2

Download our free white paper Term or Permanent Life Insurance: Which Option Is Right For You?

Give your family the gift of financial planning. It may be the most important gift you can give.

More on This Topic

Click on the links below to access more information. 

  • Life Insurance Cash Value

    Life Insurance Cash Value

    Learn how permanent life insurance can help you reach your goals during your lifetime.

    Watch Now
  • Estate Planning for Beginners

    Estate Planning for Beginners

    Learn why it’s important to have estate-planning documents in place, regardless of how much money you have.

  • Term or Permanent Life?

    Life Insurance Whitepaper
    Term or Permanent Life?

    Find out what four questions to ask yourself before choosing term or permanent life insurance.

  • More Time to Heal

    More Time to Heal

    Parents find strength after a tragedy as their policy eases financial burdens, allowing them to put family first.

  • Moving Forward

    Moving Forward

    Faced with an unexpected and devastating loss, one family must find a way to move forward in life.