4 legacies you can leave behind with Life Insurance
Businesses which are involved in the provision of life insurance policies can build great business legacies. How can this be achieved?
When you’re gone, what do you want the world to remember about you? If you had to ask most adults if they want to leave a legacy behind, we’d say yes – but we’re not always so sure exactly how to go about it. If you want to leave a legacy to your loved ones, life insurance is one way you can go about it.
Charitable Support
Remember that the things you leave behind don’t all have to be for family or friends. If you want to make a difference to a charitable cause you could always leave them a sizeable donation. Whether your heart lies with animals, the elderly, orphaned children or even a medical research charity doesn’t matter; all of them will appreciate your support and a charitable gift would be a beautiful thing for the world to remember you by. Life insurance allows you to name a charity as a beneficiary, so that if you pass away you can know that a charity will receive a lump sum on your behalf.
The Gift of Education
Education is key to a better life, as we all know. If you passed away earlier than expected and your kids couldn’t finish school or go to University, their life paths might be altered for the worse. With life insurance you can make provision for this by providing enough money for their school fees or tertiary education. Even if you can’t provide for it all, by making sure that their living expenses are covered and the house is paid off, you’ll significantly reduce the chances that your children have to leave school early and work in order to support the family. Isn’t a future one of the best gifts that you could give to your child?
Directions Via Your Will and Testament
Your Will and Testament tends to go hand in hand with your life insurance. You may have named beneficiaries but have specific ideas about how you want the money to be utilised – your Will is the place for this. Not only can you ensure that your assets and personal possessions go where you would have liked them to, but you can also set terms on your estate. For instance, your child might be named as a beneficiary on your life insurance, but if they’re minors you may only want them to access the money after a certain age. Or you may want to ensure that a portion of it is set aside for something like investment. Either way, a Will and Testament alongside your life insurance can make sure that any assets are used in the way that you would want.
Financial Stability
One of the biggest legacies you can leave through life insurance is of course financial stability, even in your absence. Life insurance can act as salary replacement, cover your outstanding debts, can ensure that your family’s futures are secured or can cover the cost of the bond if you were to pass away. And that’s just the tip of the iceberg in terms of what life insurance can provide. Done correctly, this means that your loved ones can continue to live the life that you had planned for them, even once you’re gone. Putting financial protection in place for those you love is one of the greatest gifts you can give, ensuring that a hard time isn’t made any harder by having to shell out for unexpected costs.
