February is the month of love, and one of the best ways to show
it is to plan for your family’s long-term needs with life insurance.
While it may not be high on your list of insurance priorities
(probably ranking somewhere below home or auto coverage), life insurance is more
of an investment in your family’s financial future. Despite what you hear in the news and online
these days, GoFundMe is not life
insurance! Rather than rely on the kindness of others to pay your final
expenses or help your family in the event of your death, be proactive and
purchase a policy so they don’t have to worry about the bill.
Supplementing the family’s income and paying for the
deceased’s final expenses are just a few common uses for life insurance
proceeds. Others include:
Your children’s
education. Many parents open a savings or 529 account to be used to fund
their child’s higher education plans. Life insurance can help to cover remaining
costs or provide a nice nest egg for their post-college future.
Charitable donations.
If the insured was involved in a local organization or there was a cause especially
important to them, you can arrange to contribute to that organization using
some of the proceeds. Depending on the amount of the gift or the number of
causes you wish to support, you may need to meet with a financial planner to
make sure the funds are distributed according to the deceased insured’s wishes.
Continue a family
business. Rather than sell the company that likely took someone years to
build, life insurance proceeds can be used to offset business expenses, whether
it’s purchasing new equipment, upgrading or buying a new building, or expanding
in other ways.
ETA Benefits Group works with several life insurance carriers and can customize a plan to meet your family's needs. Contact us to learn more
about the different types of coverage available.
Do you have life
insurance? Why or why not? We’d love to hear from you in the comments below!
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