Ensure Your Loved Ones Are Protected with These Three Tips
BY: BORIS DZHINGAROV ON WEDNESDAY, MARCH 02, 2016
Although nobody enjoys the thought of death or dying, it is a reality that all of us at one day come to face. Although there’s no way of telling when exactly that day may come, it’s important for the sake of our loved ones that we’re prepared for the future. When it comes to those that we leave behind, most of us want them to be provided for and not have to face any financial difficulty or hardship. No matter what age you are, you can ensure that your loved ones are protected in the event of your death with a number of different insurance policies and products to choose from.
Most people will take out a life insurance policy at some point during their lifetime. Some wait until they are getting older to take this policy out, whilst others take it out at quite a young age. There are various different types of life insurance policies to choose from, and they all have one thing in common – the financial protection and provision for your loved ones in the event of your death. With a life insurance policy, you can choose a beneficiary to receive the funds when the time comes. This is often a close family member such as a spouse, child, or sibling. Your life insurance policy can be used to cover your main debts and outgoings in the event of your death, and can also be put into a trust fund for the beneficiary so that any pay-outs made will not be subject to inheritance tax.
Writing a Will
Writing a will may not be the nicest of tasks, but it’s one of the most important things that you can do for your loved ones. Ensuring that your wishes regarding how your possessions and finances are to be divided, amongst them are written on paper can help to avoid unnecessary arguments, and gives you peace of mind knowing that your life’s worth of possessions will end up where you want them to be. Your will is an important way to stay in control of who gets what when it comes to your property, and writing one can also help to save your family and close friends significant time and money. When writing your will, it’s important to have the proper legal assistance to ensure that everything runs smoothly and that the will is legally binding when read to your family in the event of your death. Many family lawyers will be able to give you any assistance you need when you decide that it is time to write your last will and testament.
Final Expense Insurance
Similar to life insurance, final expense insurance ensures that your family are covered for any expenses which arise in the event of your death. Typically available to individuals ages 50-75, final expense insurance gives you peace of mind regarding any medical costs which you may leave behind, as well as funeral and burial expenses which will fall on your family members. Funeral costs do not come cheap, therefore final expense insurance will allow you to relax with the knowledge that your family will not be put out financially. Normally, you can select an amount as small as $5,000 or as large as $50,000 in order to cover your final costs, with the ability to select a trusted loved one as your beneficiary to ensure that any final expenses are paid in full when the time comes.
Thinking about passing away is something which nobody likes to do, but ensuring that your loved ones are provided for and protected is crucial.
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