Sure, there’s 101 other things you could be spending your money on, but life insurance may need to be at the top of your list. Want to know why?
You Can’t Predict the Future
Do you have a magic ball that lets you see what surprises might be waiting around the corner? Probably not. Every day someone dies and while we don’t want to believe it could happen to us, the fact is that it could. I regularly meet with families grieving the loss of a loved one who was young and vibrant. Tomorrow it could be you, no matter what your age. Since you can’t predict the future, it’s important to get a life insurance policy started as soon as possible.
Lower Premiums Today
The younger you are when you purchase a life insurance policy, the lower your premiums will be and the better likelihood you will have of being accepted by an insurance company. Premiums are low for those who are in good health and practice healthy living such as not smoking and limiting alcohol.
Quick Money after Your Death
When you pass away, your estate may have to endure probate, a lengthy court process to validate your Last Will and Testament and pass your belongings to your heirs. This process can last months or even years. So, what will your family do in the meantime to cover your funeral expenses and pay off any last debts you have? A life insurance policy allows your beneficiaries quick access to money to cover estate bills while other assets are tied up in court.
Long Term Income for Your Family
Life insurance can offer your loved ones an alternative source of income when you pass away. If you have no life insurance and your pay makes up a portion or all of your family’s income, your family may experience a drastic change in lifestyle after your death. Even the loss of a stay-at-home parent has a drastic financial impact on a family, as the surviving parent may have new child care expenses he or she didn’t previously have to worry about. To ensure your family doesn’t suffer financial hardship after you are gone, you should get a policy started quickly.
Allow Your Children to Go to College
If you should pass away before your children reach the age of eighteen or while they are still in college, they may not have a way to pay for school if they were reliant on your income. A life insurance policy can provide money for your children’s higher education.
How does life insurance fit into your estate plan?
Estate planning isn’t just about distributing your assets after you’re gone – it’s also about protecting your family and helping you reach your financial goals. Call us today to learn more about what a complete estate plan could do for you.