iCrowd Newswire
15 Jan 2022, 01:20 GMT+10
Long-term financial planning can be incredibly complex. There are many moving pieces, and some hinge on things that can change, like your family situation, income, and expenses. But adding life insurance to your plan can promote financial stability and peace of mind for you and your loved ones.
If you're not convinced, here are 5 good reasons to incorporate life insurance in your long-term financial planning.
The right size life insurance policy could cover your family's debt burden if something were to happen to you. Before you apply for a policy, you'll want to determine how much insurance you need by considering the amount of any existing debts, whether from a mortgage, credit cards, small business loan, or otherwise. Then, choose a policy with a death benefit payout that meets the family's needs and could pay off debts completely, so they won't need to worry about it after you're gone.
Whether you're caring for young children, a child with special needs, or an aging parent, a life insurance policy can be used to cover expenses associated with that care after you're gone. A policy with an appropriate death benefit payout could help loved ones maintain their current lifestyle without financial worry for years to come.
Many financial plans account for saving for a child's education, but those plans can be derailed if you're no longer providing an income. A term life insurance policy could offer a lump sum payout to cover a sizeable portion of tuition or college expenses for children. Permanent life insurance is another life insurance option with a cash value savings account that could pay for college while you're alive and offer a death benefit payout if something unexpected happens.
A funeral and burial can cost anywhere from $5,000 to $10,000 or more. The burial alone can cause significant financial strain for a family without abundant financial resources. But a life insurance policy can help cover final expenses and ensure loved ones won't be left to pick up the bill in the middle of grieving.
Life insurance money can also be used to pay any estate taxes from settling your financial affairs. That means more money in your family's pockets as they work to settle your estate.
Life insurance can help create the kind of legacy you want to leave behind. Whether you leave the policy to benefit loved ones or a charitable organization, you get to choose where the death benefit payout will go. This asset can work alongside other accounts in your long-term financial plan to ensure loved ones receive an estate that aligns with your desires.
Life insurance adds another layer of protection to your long-term financial plan. It helps ensure that even if something unexpected happens to you, your loved ones will still be cared for financially. If you don't yet have a life insurance policy in place, talking to a financial advisor is a great next step. The right financial professional can help you see the blind spots in your existing financial plan and decide the best approach to adding life insurance.
See Campaign: https://www.iquanti.comContact Information:Name: Carolina DarbellesEmail: [email protected] Title: Senior PR SpecialistTags:Reportedtimes, ReleaseLive, Financial Content, Google News, IPS, Menafn, PR-Wirein, iCN Internal Distribution, Extended Distribution, English
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