End-of-life planning is a difficult topic, but taking steps to make sure your loved ones are taken care of after you’re gone is an easy choice. Some critical questions you should ask yourself when planning for the future include:
- If I passed away, would a loved one struggle financially?
- Are my large debts, such as my home or vehicle, paid off?
- Do I have enough savings for my family to pay for utilities and other living expenses?
- Am I planning to pay for my children’s or grandchildren’s college tuition?
- Can my family afford funeral expenses should the unexpected occur?
Even if you already have life insurance, it’s a good idea to occasionally review your plans to ensure your coverage reflects your current lifestyle and family needs. It also gives you a chance to make sure beneficiaries are up to date.
What kind of life insurance is right for me?
Term Life Insurance
For those starting out in a new career, first home, or new baby, Term Life Insurance is a good first step in protecting your financial future. It’s affordable, flexible, and provides peace of mind to protect you and your family’s dreams. Term Life Insurance provides death benefit coverage for a specific period of time with a fixed premium amount. It’s an economical option – especially when you’re young and healthy – that can help maintain your family’s standard of living by paying bills such as a mortgage, auto loans, or school tuition. It also allows you to convert your Term Life Insurance to permanent life insurance in the future, at a time right for you.
Whole Life Insurance
Whole Life Insurance is permanent, so long as premiums are paid, no matter what life may throw your way. It provides lifelong coverage and the ability to accumulate cash value while paying level, predictable premiums. It is a cost-effective option that provides longer peace of mind that your family is protected and cash value that you can access in an emergency.
Final expense coverage is a whole life policy that offers smaller face amount options. Final Expense policies work the same as other Whole Life Insurance policies but offer a more simplified application process.
You and your family have built an amazing life, and knowing you have the right coverage in place makes it that much sweeter.
This article is for informational purposes only, you should not construe any information provided as legal, tax, investment, or financial advice. No reader should make any investment decision without first consulting their own financial advisor and conducting their own research and due diligence.