Loss of family breadwinner quickly impacts family finances

By Sandrine Champigny | June 03 2014 03:24PM

Losing a loved one is always a tragedy, but recovering from such a blow can be even more difficult to overcome if the person who died was the family’s main breadwinner. According to data collected by LIMRA through its Insurance Barometer and the Life Insurance Conference in Chicago, more than half of families feel the financial impact of such a loss in the year following the death and 47% of them feel it after only six months..

The major impact of losing a family breadwinner among Americans is due to the low number of people covered by life insurance. Lack of awareness of the effects of losing the main family salary is significant:. 27% of respondents indicated that they were completely unaware of the impact of these losses.