Life insurance is the traditional foundation of estate planning. Our families rely on our income to keep things stable. Dependents naturally need a provider in place to support their growth and, spouses and partners come to rely on each other’s income over time.
This holiday, take a moment to think about the gift that is family and all the ways you can still support them even after your passing.
Dependants
The holidays are a great time to see just how much our dependents rely on us.
Having a life insurance policy in place is a great way to make sure our dependents have the resources they need after the death of a provider. Having children is a life changing experience, but also an expensive one. How will those costs be met without life insurance? This goes doubly true for adult children.
If your dependents have grown and left the nest behind, you might think that a life insurance policy is unnecessary. This is far from the truth. Being able to rely on parents and family regardless of age is something that has always been true of our children. Think about all the things you can provide to them today like personal loans, housing, and other financial help. A life insurance policy ensures that this lifeline is extended and even after your passing, you are still there to support them.
Spouses and Partners
If you are the single income in your household, life insurance can make the difference between a stable transition and your family having to sell off all their assets. Single income families need life insurance more than most. If the worst comes to happen, how long will it take for other income earners to fill the gap? Will they even be able to do so?
A robust life insurance plan not only ensures that they have enough time to cover their costs while estates are processed, but that they can rest easy knowing that you have left behind a concrete plan to support them.
Personal Debts
It can take time for estates to process. In that time, personal and business debts can still accrue. Depending on your State’s laws, the family you leave behind might be liable for some of those debts. This is especially true for business owners who have regular, healthy debts as part of their business. Without a life insurance policy to bridge the gap, your family might be forced to sell off business or real estate holdings to cover those debts.
Protect Your Family Today
Life insurance, and other related plans like disability insurance, are the best way to secure your family’s future. The holiday’s are all about giving. Take a moment to make sure you give them the best chance to succeed and consider life and disability insurance today.