Legacy Planning: Three Ways to Establish Your Legacy!
What have you done to establish your legacy? The majority of Americans agree that their legacy is one of the most important aspects of their life. Although, an alarming number of them have done very little to create one. Your legacy is commonly defined by what you pass down to the next generation. It is how you will be remembered. Realistically, we will not always be able to contribute to our legacy. This is why it is important to establish your legacy now, while you are young, healthy, and working. Life insurance, long-term care, and annuities each offer unique ways to establish your legacy by eliminating financial risks and empowering future generations.
1.) Life Insurance
Have you ever driven past a car wash raising money for a funeral? Families will do whatever it takes to give their loved one a proper burial. Regrettably, many families do not start thinking about these expenses until it is too late. In this situation, families have to come together and figure out a way to cover the burdensome costs. Many times, this means digging into savings, working overtime, or incurring debt. Even a small funeral can cost families thousands of dollars. Thankfully with planning, life insurance reduces the risk of financial hardship.
Life insurance is an effective way to protect your family from the financial burden of funeral expenses. In most cases, the earlier you begin planning the better. Generally, life insurance companies calculate rates based on the age and health of the applicant. Consequently, there are many reasons an insurance company can decline an applicant and the list grows longer with age. Therefore, to get the best value, purchase life insurance when you are young and healthy.
Speak with an advisor about protecting your legacy through a life insurance policy, today.
2.) Long-Term Care (LTC) Insurance
What would you do if you or your loved one was suffering from a mentally or physically deteriorating illness? Today, thanks to modern medicine people have a higher chance of living with one of these illnesses. Although, in many cases the survivor will need help accomplishing daily tasks for the rest of his or her life. It is impossible to predict the kind of burden this might put on you, your family, or even your legacy. Most of us say we will do anything to help our loved one, which includes selling everything we own. The good news is the latter scenario can be avoided through Long-Term Care Insurance.
The truth is, as much as we are willing to take care of a loved one, it is a demanding job. Most likely, It will require the help of a professional care giver or facility. Therefore, the best way to hedge against this risk is to purchase Long-Term Care Insurance. Long-Term Care insurance allows your loved one to maintain the quality life he or she is familiar with. It provides a monthly benefit to pay for care and other expenses. The insured’s family can rest easy knowing their loved one is comfortable and in the best hands available.
3.) Lifetime Income
Do you worry about outliving your savings, going back to work, or borrowing from family to survive your golden years? Today, people are living longer than ever. As a result, it is common to see people working well into their golden years in order to get by. Improper planning can leave your legacy vulnerable and make you desperate for money later in life. Indexed Universal Life (IUL) products and Annuities are a great way to establish your legacy and hedge against the possibility of outliving your retirement funds. Annuities pay a monthly benefit as long as the policy holder is alive.
If your legacy is to be self-sufficient and prosperous throughout retirement, consider an IUL or annuity. Both products provide a lifetime income stream and are an excellent way to ensure ample retirement funds, further protecting your legacy. Companies are taking whatever measures possible to reduce expenses related to long-term benefits, like pensions and retirement plans. As a result, It is now your responsibility to guarantee you and your family have appropriate funds throughout your golden years.
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If you you have not started thinking about how you will be remembered, it is never to late. The sooner you start preparing, the better off you and your family will be. The best part is, you have the power to take your legacy into your own hands. By purchasing any of the products mentioned above your legacy will be less vulnerable to forces beyond your control. Also, you will be that much closer to providing a life of financial security and prosperity for you and your family. What will your legacy be?
