What’s on your bucket list? Maybe you want to take a panoramic photo from the top of the Eiffel Tower. You’d like to build a fishing cabin in the woods, or learn to paint landscapes or race a stock car. What about dreams that you’d like for your family? Perhaps you envision a big family vacation, or sending your kids for a year abroad during college. In your golden years, you might have hopes of paying for your grandchildren’s education or of leaving money to your favorite charity.
While these plans encompass wants instead of needs, it’s good to know that these dreams can be protected with life insurance, too.
Think of it this way: life insurance is there to help families financially after a loved one has died. That usually means paying for funeral expenses, outstanding bills and debts. It may also mean paying off the mortgage and putting money aside for college tuition. Keeping a family financially secure is job one. But, life insurance can be about realizing dreams as well.
If you’re married and your spouse died, would you still have the money to check some of the things off your bucket list? What about your dreams for your kids or grandkids, would they still come true if something happened to you?
Permanent life insurance, which combines a life insurance element with a cash value element, can be a helpful planning tool when it comes to ensuring that these dreams stay in place because it has a two-fold benefit. This type of policy builds cash value over time, so you can tap into that cash value while you’re still alive to fund that fishing cabin or a trip overseas. (Keep in mind, though, that the death benefit would ultimately be reduced by the amount of any loan or withdrawal left unpaid). Because permanent life insurance provides lifelong protection, (as long as you pay the required premiums) you can also help ensure that you leave your dreams within reach for your children, grandchildren or favorite charity.
Life is not just about the meat and potatoes, it’s also about the ice cream sundae. Grab your bucket list and an insurance professional can help you plan for the cherry on top of your future financial plans.
Smart financial planning today can leave your family with a debt of gratitude.
An often-heard refrain is, “Buy term and invest the difference.” Others say, “Why rent (term), when you can own (permanent)?”
The kids are gone and you’re officially an empty-nester, so it’s a great time to get rid of your life insurance, right? Not so fast.