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4 Ways Life Insurance Helps Families Plan for the Future

family graphic design - 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.

Funeral Expenses

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.

Mortgages

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.

Education

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.

Income

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.

Sources:
1. SmartAsset, Final Expense Insurance, 2018, https://smartasset.com/life-insurance/final-expense-insurance

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

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