Supporting Your Loved Ones Even After You’re Gone

September is Life Insurance Awareness Month. This month is such a great opportunity to be reminded of the important role life insurance plays in protecting your loved ones, and as a part of your financial plan overall.

Life insurance can feel like a tricky subject to navigate, but it is always worth considering to ensure that your loved ones are supported even after you are gone.

What Life Insurance Can Do For Your Loved Ones

Life insurance is typically thought of as a way to cover your funeral expenses and keep some level of income supporting your loved ones. While that is true, life insurance can do so much more! Life insurance can also be part of legacy planning, reducing the burden of loss, and even cover any long-term care expenses you may have.

Let’s explore how:

Did you know that life insurance is a vital part of legacy planning?

Life insurance can be a great way to pass on money to your loved ones tax-free. You’ll want to speak with a financial advisor about which life insurance options provide this, but this can be a major benefit!

In addition to the pain of your passing, there are some significant financial burdens that your loved ones could face.

These include the expense of a funeral, debts, and major outstanding expenses. It’s important to consider what sort of expenses your loved ones will be facing on their own if you were to pass. Life insurance can help provide the income to cover expenses like your mortgage or even your child’s college education, and certain kinds of life insurance can even provide you with income in your later years.

Life insurance can help you pay for long-term care expenses.

If you end up in a nursing home or a long-term care facility, the national average stay is two years. If you don’t have the funds on hand or assets to cover the cost of your stay, or if you simply know it’s quite likely you will end up in long-term care based on your health situation, you may want to consider your long-term care insurance options.

Talk to a Professional About Life Insurance

It’s always a good idea to discuss life insurance with a licensed professional. When it comes to life insurance, it is even more important as there are many different types of life insurance that have different capabilities. Make sure to chat with a professional to discuss your goals and values, and what life insurance policy may best help you achieve those goals.

Our financial advisors here at 210 Financial are equipped to help you navigate your life insurance options, understand how it can fit into your current financial planning, and ensure your loved ones are supported even after you are gone. Reach out to our advisors here at 210 Financial for a complimentary review >>

We also suggest checking out these resources to understand more about the role life insurance can have in your planning:

  • Why You Should Get Serious About Life Insurance – Episode 21—Many people don’t often think about life insurance as a major part of their financial plan. Or perhaps they only consider it as a valuable investment only when they’re younger. We believe that should change. Life insurance can provide for your loved ones for years and is well worth taking the time to include it as part of your plan. And believe it or not, some life insurance policies can actually have benefits while you’re still living.
  • Life Insurance Awareness Month: Making Sure Your Loved Ones Are Protected—Life insurance can feel like a tricky subject to navigate. It is one of those things that you hope you never need but it could be necessary to have to protect your loved ones. We want to take the time to walk through what you need to know about life insurance and remind you to reevaluate the coverage you do (or don’t) have regularly.
  • Is Life Insurance Valuable? (& Tax Implications of Converting Retirement Plans) – Episode 7—Life insurance can feel like a tricky subject to navigate. Do you need it? How much coverage should you look for? What about long-term care insurance? Phil and Kendall are sharing some common misconceptions about life insurance, key ways life insurance has changed over the years, and what you should consider as you’re selecting your own plan. 

It is difficult to contemplate your own death or the death of a loved one, but it is important to broach these topics in advance to ensure that your loved ones are supported even after you have gone. And we’re here to help!

Want support on this topic from the other side? Take the next vital step by reading “What to Do When You’ve Lost Your Spouse [A Preparation Guide]”. Whether that day is today or years in the future, there is no better time than today to review where you keep records and how you would like to have details handled in the event of your, or your spouse’s, passing. On what may be one of the hardest days in your spouse’s life, you can help alleviate the details they need to take care of by planning ahead and putting your records all in one place.

210 Financial is more than just numbers. The “210” in our name stands for a childhood home that represented safety, love, and family. That is what we want to provide for everyone that we care for. Welcome home. Welcome to 210.

Insurance products are offered through the insurance business 210 Financial. 210 Financial is also an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor. AEWM does not offer insurance products. The insurance products offered by 210 Financial are not subject to Investment Advisor requirements. 1992235-9/23

Content prepared by Savage Content Collective

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