A life insurance plan is something that needs to be in place within every household. If your spouse passes away when you are retired, you typically see at least a 40% decline in income, but most of your expenses are not going away. Suffering a hit that significant to your household finances can oftentimes push the surviving spouse into poverty. Life insurance is one way to offset that exposure.

In this segment from The Financial Physician, host Lou Scatigna, CFP provides a thorough breakdown of life insurance. The goal of his analysis is to help families prepare for the unfortunate passing of a significant other.