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.
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.