2020 highlighted to everyone their impermanence. While many don’t want to think about death, the fact is that death comes at a cost. Last year, too many families had to not only grieve the loss of a loved one, but also had to shoulder the burden of burying them, and cope with the stress of figuring out how to survive without the income they depended on. That’s a tremendous burden for families to bear. Everybody needs life insurance! Currently, only 40% of adult Americans have coverage; with many relying on group insurance provided by their job. That typically means that their life ensures ends when they are no longer employed with that employer. No amount of money can ever replace a person, but life insurance can help you protect the ones you love and give you the peace of mind of knowing that if something happens to you, your family will be free to process their grief in healthy ways without the fear of looming bills and debt. Besides burial and final expenses, there are other reasons why life insurance can be a valuable part of your legacy wealth plan:
- Income Replacement. If you are a working spouse, chances are your family relies on your income to pay bills. A life insurance policy can help to replace that income when you’re gone.
- Debt payoff. When you die, your family will still owe the debt you have. A life insurance policy can help them pay off that debt.
- College tuition. Left alone, when your spouse may no longer be able to fund your children’s college savings plans. A life insurance policy can provide funds to pay for their schooling.
- Long Term Care. While we are living longer, many people find that they require long term care when faced with certain disabilities or in the later years of their life. This care can be expensive and have a great impact on your financial wellbeing and quality of life. Some life insurance policies offer a long-term care rider. Long term care insurance covers long-term care services required by individuals in their home, community, or in a private facility.
There are different types of life insurance policies with a range of options available. The key is to have a plan that is best to assist you and your family’s legacy wealth plan.
This article is a part of a series:
Why It Is Important to Have Emergency Savings
Starting the New Year with a Legacy Wealth Budget
If you need help with creating a legacy wealth budget for your household and get life insurance protection in place for your family, I am a licensed life insurance agent, please do not hesitate to contact me for help.
Charleese Hasan, PhD, OH Charlie LLC, ohcharlie2llc@gmail.com
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