Everyone knows that life insurance serves an important
purpose in caring for your spouse or children if something happens to you. But
for those without either spouse or kids, they may feel that life insurance
doesn’t have benefits. But is that really true?
The same benefits that your children can get from a life
insurance payout could be given to a number of different people. Who might you
be able to take care of if you leave them your life insurance money? Here are
five great candidates whose circumstances you could change for the better.
Americans are often generous with their donations to worthy
causes. But the average person may not feel that they have enough money to
include charitable giving in their estate plans. However, if you have a life
insurance policy, you do have the means to give charitably. And you can give a
charity or non-profit enterprise enough money to make a serious impact on their
ability to help others.
You have the option of simply naming one or more charities
as beneficiaries. You could also choose to go the extra mile and set up a
foundation to be funded by a significant life insurance policy. A private
foundation allows you (or whomever you put in charge) more choice in who will
receive money and could extend the money longer than a direct
donation.
As the number of older Americans constantly rises, so do the
burdens of paying for medical
care. With in-home care costing up to $4,000 per month and nursing care
costing more than $7,000 monthly, both caregivers and seniors worry about how
they will pay for what is needed.
Why not take steps to help the older members in your family
by including them in insurance payouts? Is there a relative who may be burdened
by chronic health issues or who is already somewhat financially insecure even
as a younger senior? If not, are there older family members of your close
friends who could use the help?
If you don't have kids to support, consider looking beyond
your immediate family for persons who could use a leg up financially. You don't
have to give all your life insurance to one person, but you could spread it out
to help extended family in more modest ways. This might include nieces,
nephews, aunts, uncles, cousins, and even farther out in the family tree.
If you have relatives who struggle with debt, college
expenses, day care costs, unreliable vehicles, or other medium-sized financial
problems, just a portion of a life insurance policy could do wonders to help
them out. And due to life insurance's long-term payment structure, it doesn't
cost you very much to be a benefactor to a big group of people.
Do you own and operate a business? Then you have to plan how
it will continue if something happens to you. Would the business, for instance,
need to hire someone to replace you? Would partners need to buy out your heirs?
Would someone have to be trained to do work you perform consistently? If the answer
to any of these questions is yes, the business would benefit from financial
help.
Once you think outside the box about recipients of your
insurance policy, you're sure to find many loved ones whose lives you could
change. And you will know that you leave a legacy no matter how much (or how
little) money you have.
Learn more about life insurance funds and the best ways to
help others by meeting with an insurance professional at Habersham Funding LLC today.
