$1* Buys $100,000
Globe Life Insurance
$2.17 for Children or Grandchildren
4 Ways Life Insurance Helps Families Plan for the Future
While we cannot predict the future, we can always try and plan ahead. Life insurance is a great way to help your family plan for the future, as it can help to alleviate some financial pains on the chance a family member passes sooner than we hope. To gather a better understanding of how life insurance can be used to create a future plan for your family, consider the four ways below.
One perk of buying life insurance is knowing you will be able to cover much, if not all, of the funeral expenses.1 Considering funerals can be expensive, it can be smart to have this in your back pocket in case a family member dies. It helps you to plan because your day to day income and your savings shouldn’t be needed to cover these unexpected expenses.
Having a family, you may have taken the jump to invest in a house. Unfortunately, if you die before it is paid off, that debt goes to your loved ones.2 Your loved ones, unless they are particularly wealthy, may struggle to make payments to finish this line of debt. By buying life insurance, you are planning for your family’s future to make sure any debt you may have left to them is minimal.
Most people view college as a stepping stone and necessity to getting good jobs. However, college can get very expensive. While there are different plans families use to save for college, you can also use life insurance.3 A whole life plan has an added cash value where you may save your money tax-deferred a majority of the time. Generally, you are able to borrow against this savings account associated with your life insurance policy to pay for college.3 Life insurance can help your family plan for the future by ensuring their secondary education will be more affordable.
Depending on your situation, you may be the breadwinner in your household. If you were to die, others would be lost without your income. Life insurance helps to make sure there is a source of funding for those dependent upon you after you pass.4 You are helping to plan for your family’s future by attempting to ensure their financial stability regardless of whether you are alive.
There are so many wild cards in life, it’s hard to know where you will be in a week, let alone next year. To help you and your family plan for the future, look to a licensed life insurance agent in your area. They will be able to give you more information and knowledge on the best policy for your situation.
2. SmartAsset, Mortgage Protection Life Insurance, 2019, https://smartasset.com/life-insurance/mortgage-protection-life-insurance
3. Investopedia, Life Insurance VS 529, 2020, https://www.investopedia.com/articles/personal-finance/102915/life-insurance-vs-529.asp
4. Investopedia, How Much Life Insurance Should You Carry?, 2019, https://www.investopedia.com/articles/pf/06/insureneeds.asp
You might also be interested in...
- 10 Cheap Activities For Family Fun Night
- 8 Habits that Could Be Hurting Your Marriage
- The Benefits Of Coconut Milk
- Top Tips For Bone Health For Women
- Caring for Both Your Children and Your Parents
- Debunking Common Relationship Myths
- Family Life Insurance for Young Families
- Five Expensive Home Improvement Projects that Won’t Boost Value
- Five Home Improvement Projects that Pay Off
- Health Benefits Of Cashews
- Help Your Aging Parents Prepare for Retirement
- How to Get the Grandkids to Help with Chores
- How to Prepare a Family History for the Younger Generations
- Is Herbal Medicine The Way To Go
- Natural Mosquito Repellants
- Planning Ahead: Family Life Insurance
- How To Prevent The Common Cold And Flu Virus
- Taking Care Of The Caregiver
- Ten Best Fruits, Vegetables, and Herbs Families Can Grow at Home
- Ten Tips for Successful Single Parent Families
- Top 10 Health And Safety Tips For Fall And Winter
- Top Ten Household Safety Tips
- Why All Women Need Life Insurance Too
- Why you should go on vacation
- Who Should Be Your Beneficiary
- The Benefits Of Vitamin B
- 5 Reasons To Eat Homemade Chicken Noodle Soup
- 6 Healthy Breakfast Ideas
- 5 Tips To Prepare For Allergy Season
- Unusual Ways To Keep Your Mind Sharp
- Food That Isn’t As Healthy As You Think
- 4 Things That Are Secretly Killing Your Healthy Lifestyle
- Questions You Need To Ask At Your Next Checkup
- How To Make A Comeback After An Illness
- 4 Benefits Of Water Most People Don’t Know
- Heartfelt Advice To Avoid Heart Disease
- What Is Respite Care And Are You One Of Millions Of People That May Need It?
- Three Tricks To Healthy Eating
- How Important Is Estate Planning?
- 5 Backyard Grill Safety Tips
- Combining Insurance After Marriage: Updating Your Life and Health Policies
- Top 5 Crazy Food Options at Globe Life Park, Home of the Texas Rangers
- 4 Dangers of Owning an Exotic Pet
- 4 Ways Life Insurance Helps Families Plan for the Future