What Part Does Life Insurance Play in Planning My Estate?

Some people feel that they are either too young for estate planning or they believe that estate planning is only for wealthy families.

Estate planning is important for everyone regardless of your age or income level. Unfortunately, many breadwinners are not prepared for their death.

There are several families that are not financially equipped to take on the expenses following a loved one’s death. Many families are left scrounging around for money just to pay for funeral expenses.

There is one important question every person should ask themselves, “Will my family be able to support themselves financially if I die tomorrow?” No one can predict how much time they have left on earth. However, you can plan for the financial future of your family today.

The Importance of Life Insurance & Estate Planning

When it comes to estate planning, life insurance plays center state. Life insurance can be compared to a safety net because it provides your family with financial support when you pass away. It will provide your family with immediate financial support to pay off funeral expenses, medical bills and other important expenses.

Give Your Family ‘Peace of Mind’

One major benefit of life insurance is that it provides your family with peace of mind. If you should experience a sudden death, peace of mind allows your family to conduct business upon your death without worrying about not having enough financially. Your family’s focus should be on handling the grieving process of your death and not finances.

You Assets

Many people leave their loved ones their assets upon their death. However, some people fail to realize that their loved ones will be responsible for paying estate and income taxes.

Your family can use your life insurance policy to pay for debts or obligations. In addition to funeral and burial costs, an insurance policy can be pay for college tuition and other financial needs.

The Notion of Life Insurance

My mother uses the expression “it’s more than a notion” to describe ideas, ideals or situations that require significantly more time and attention than fleeting thought. Unfortunately for most persons, life insurance is a nonessential, non-critical notion. Something that everyone needs – just not at this very moment.

Parenting is “more than a notion” because raising a productive member of society is a great responsibility requiring commitment, fortitude and patience. Consequently, single parents have multiple roles:

  • Calorie Intake Regulator (Chef);
  • Fixer of Boo-Boo’s Great and Small (Nurse);
  • Squabble Stopper (Referee);
  • Enforcer of Family Rules, Morals and Values (Warden); and
  • ATM Machine (Financier).

There are many reasons to need life insurance – being the financier underscores the need, and make life insurance all the more essential and critical. Simply put, the financier keeps the household going, and as long as the financier is healthy and can work, the needs for the family are met. However, in the event of the Financier’s demise any and all earned income ceases. More importantly, if the demise of the Financier is untimely or the result of an unforeseen calamity the future stability of her child immediately becomes less secure.

For single parents ~ custodial and non-custodial alike life insurance is “more than a notion” it is an absolute necessity. With proper planning life insurance can be used to pay final expenses (including medical bills); fund retirement or college educations; and to ensure that all the opportunities you desire for your child/children can be met.

Never do we know what can happen tomorrow. Which is why protecting the financial security of our children should be “more than a notion.

Find Life Insurance Leads

People buy life insurance to ensure the financial security of their dependents in case of their untimely death. This means that the risk of death of the policy owner is transferred to the insurance company or the insurer. Insurance agents are representatives of these insurance companies, who assess the needs of the people and help them choose the best insurance plan. Life insurance agents specialize in selling life insurance policies and therefore, posses all the expertise and knowledge to assist their customers in choosing the right policy. These agents have to find such customers for their business and they do so by, generating leads. Leads are nothing but lists of names and contact details of potential customers. There are many companies that specialize in generating and selling these lists to insurance agents as well as brokers.

To find life insurance leads insurance agents and brokers follow various courses of action. They can opt to generate their own leads by following the local resources or they can buy them. There are several companies that claim to provide fresh and unused leads for a price. These leads are usually generated though the list of people who may have requested for a quote online. These leads are considered the best, as such customers, are already looking for life insurance and are more likely to buy a policy. These web-based lead providing companies offer many packages to the insurance professionals. These packages generally include monthly or yearly accounts, pay-per-lead accounts, and customized leads account. Usually the information provided for every prospect is limited to contact details and requirement from the policy. However, more detailed information can also be purchased for a higher price.

Popular ways of generating leads include putting up advertisements on billboards or in newspapers and or having ads aired on local radio stations. People responding to these advertisements will be the leads and potential customers. It is now up to the life insurance agent to convert these leads into policies. Life insurance leads are pivotal for establishing a thriving insurance-based business.