You should know by now that life insurance is essential. But what happens to your loved ones if you die without a plan? This has definitely been something I’ve thought a lot more about, especially once BabyMoneyFinance and SegundoMoneyFinance arrived onto the scene. Suddenly I worried a lot more about what it would look like if Mrs. Money or I passed away, or if both of us did. Daycare, college, basic living expenses, losing an income, a lot to worry about! Thankfully there are ways to proactively plan for the worst, and the good news is that it won’t break the bank or take too much time out of living your life now.

Get Life Insurance

Getting life insurance provides your family with protection is probably something you’ve considered, and hopefully have gotten at least a basic plan through work or though an insurance agent. If something happens to you, your family should have support so they can get on their feet and handle necessary expenses. The idea is that you pay a monthly (or annual) premium for a policy and if you die during the timeframe the policy is active, your beneficiary gets a lump sum payment. Term life insurance is what I recommend and use, and it comes in nice dollar amounts like $100,000 all the way up to several million. Mrs. Money and I have a 20 year policy right now for each of us.

Getting life insurance also allows for better peace of mind knowing that if something does happen, financial burdens won’t follow. So, wait no longer and head on to https://wealthalliance.com/life-insurance/ to acquire life insurance today.

Open a Trust Fund for Your Kids’ Education

A trust fund is a legally protected account that you establish for someone else’s benefit. I personally haven’t looked too much into it but the more I learn, the more I actually think I might look into it for BabyMoneyFinance and SegundoMoneyFinance. For example, trust funds can provide financial support and protection to your kids while they are minors or when they reach adulthood, depending on how you set up the trust.

You can set up a trust fund for your beneficiaries to:

• Generate income from the investments made.
• Provide lifetime benefits to them by letting funds accumulate over time before being disbursed through withdrawals or distributions.
• Protect their interests even when they become adults.

Prepare a Will

You do need to protect your family with a will. If you have a spouse, children, or anyone who depends on your income and assets for their living expenses, they need to be in the will. 

You should also include a guardian for your children if they are minors when it comes to distributing assets according to the will. Again, this is because there needs to be an adult who can act on their behalf until they reach adulthood. But, again, it’s best to choose this guardian carefully so that the kids are safe and secure.

Remember to update your will anytime there is a significant life event change such as marriage, divorce, the birth of children, or the death of someone you have mentioned in the will. That way, things stay up to date for everyone involved, with no surprises or confusion later on about what was supposed to happen. This is especially important if you have had children since you last updated the will.

Live your life in the present

Once you’ve got a few of the basic safety net insurance policies and plans in place, I think it’s important to stop worrying about the what if and instead focus and enjoy there here and now. Focus on your relationships and think about the good times you’ve had together. If however, you’re sick, focus on how much they mean to you and what a special bond you share with them. Remind yourself that even though it’s hard right now, it will be worth it when you are with them for eternity. Write about your relationships can be a great way to reflect and express gratitude.

Conclusion

When it comes down to what’s essential in life, protecting your family is one of the most significant things you can do. Not only will you be able to protect them when you are alive but even after death if you have taken measures in advance. Protecting your family doesn’t end with just taking care of them while living. It doesn’t hurt to have a little insurance on the other side.

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