Today I want to talk about a subject that lots of people actually wonder about… when they’re thinking about life insurance. And that is, does it REALLY make sense to leave your family with a huge pile of money when you die? WILL they know how to manage a large sum of money? Or will they fall into some of the common traps, and blow through it too fast? Statistics tell us that stuff happens all the time. So, when you really think about it, it MAY not be the best idea.
BUT…the fact is, most of us DO want to make sure our families ARE taken care of financially, when we die. So, as an alternative to a huge lump sum, wouldn’t it make more sense to leave them with a regular and reliable source of INCOME so they can maintain their lifestyle after you die? And by the way, you WILL die. Just keepin’ it real.
One way to do this…(the hard way) is to buy an ordinary life insurance policy, have the proceeds payable to a trust, then have the trust pay out the money, monthly, over time to the folks you want, WHEN you want, in the amounts you pre-determine. But, as you probably know, TRUSTS…. cost money to put together… and LAWYERS… aren’t cheap. And then, after you die, the person who actually manages the trust, and dishes out the money over time (they’re called the “trustee”) they also need to be paid. Bottom line, it’s expensive, complicated, and messy.
So… is there a BETTER, simpler way to do this? The answer… YEA… there IS! There’s a new type of life insurance that doesn’t JUST pay out a huge lump sum of money to your family, only to have them squander or mismanage it. It’s built right into the policy! And it works like this:
Part one – YOU select an amount you want your family to have when you die… to cover your final expenses… like your funeral, outstanding debts, maybe pay off your mortgage, and perhaps a small emergency fund.
Then, and more importantly, PART 2… (and this is built right into the policy) you ALSO select a MONTHLY dollar amount that YOU want the people you love to receive… every month, for up to 25 years!
Let’s look at an example… Say you make $84,000 a year. You want your family to be able to pay off your final expenses, including any medical bills, debts, funeral… stuff like that. Let’s say that’s a total of 50k. You may also want to pay off your $300,000 mortgage, so your family’ll own the house free and clear. Add in a… small emergency fund of say, $50k, the TOTAL of all these items this is $400,000. Under this type of policy, that amount… gets paid to your family when you die…
Then, in ADDITION, here’s the BEST PART… YOU select a monthly income number… say $6,000 a month to be paid out every month, for the next 25 years. That way, they’ll be able to pay the bills, and carry on financially, after you die.
Of COURSE, we all know that life insurance can never replace a mother, a father, a husband, or a wife. But it CAN go a long way toward replacing the economic value that’s lost to your family when you die…IF you set it up right.
Our goal is to help you do that. With these new policies, you can set it up EXACTLY how YOU want it.
Call today for a custom quote and we’ll show you how it works, what it costs AND answer ALL your questions.
Visit our blog and learn more about how much life insurance you need and the kind of coverage that fits your life. If your thirst for knowledge extends past the common questions, peruse our blog at your leisure.
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