5 Things Financially Smart Parents Will Do
Feb 26, 2016
As a parent, there are many things on your mind, and the last thing you want to worry about is what happens if you or your partner passes away. The best way to not worry is to address the concern, which is where life insurance can help.
Below are five easy steps to take to protect the ones you love:
- Purchase or review life insurance. If you do not have a policy, now is the time to purchase one. If you have a life insurance policy, review your policy to make sure that there is enough coverage to care for your children.
- Consider a small whole life insurance policy for your children. This coverage will cover them for life, builds cash value, and premiums are guaranteed not to increase.* Monthly premiums are locked in regardless of health issues that may arise later.
- Update beneficiary forms. Make sure you double check all of your retirement plans and insurance policies so something doesn’t fall through the cracks. Many accounts with beneficiary designations never pass through your will, so it is important that these are also updated.
- Leave instructions about end-of-life care and final wishes. An advanced directive is a legal document that can save loved ones from hard decisions in the case that someone is unable to speak for themselves. Consider appointing someone as your medical power of attorney, creating a living will, updating HIPPA forms to include people that should have access to medical records, last will and testament, financial power of attorney, and letter of instruction. An attorney can help you with these documents.
- Create a contingent trust. A contingent trust helps ensure that the money your child receives from all of your hard work and planning is distributed according to your wishes instead of giving them complete control over everything the minute they turn 18.
A Western Fraternal Life agent can help you protect your loved ones. Contact an agent today to get started.
*Dividends are not guaranteed.
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