With so many moving parts, it can be a challenge to create a comprehensive estate plan that gives you and your family peace of mind. However, with the right approach, you can end up with the right plan.
While life insurance isn’t something you have to pay, there are many reasons why it’s an important addition to your estate plan.
Here are just a few of the benefits:
- A death benefit for your loved ones: With life insurance, you have the opportunity to name a beneficiary. This is the person who will receive your death benefit upon your passing. With a whole life insurance policy, you can guarantee that your beneficiary will receive something.
- It’s easy to plan for: Life insurance allows you to know exactly how much money your beneficiary will receive upon your passing. There’s no gray area. You’re able to purchase the perfect amount of coverage, based on your beneficiary’s needs and your budget,
- Peace of mind: It’s a challenge to create an estate plan. You have to think about what will happen to your family upon your death. For this reason, you should do anything you can to give yourself peace of mind. And when it comes to the financial security of your family, there’s no better way to do this than with life insurance.
Adding to the above, there’s more than one type of life insurance policy to consider. Your three primary options include: whole life, term life, and universal life.
If you’ve yet to add a life insurance policy to your estate plan, answer this question: do you have a good reason for this approach?
Should you realize that life insurance is something you need, take the time to learn more. And of course, should you have questions, contact us for guidance.