- Businessweek.com Susan...
It’s true You Only Live Once, but creating a family legacy that goes on forever requires two very important things: Life Insurance and a Will. One of the keys to building and maintaining generational wealth is not having to start all over. Having life insurance and a will plays a key role in ensuring ones legacy is protected once you’re gone. According to recent surveys, adults with life insurance has declined. Only 41% of adults in the US own life insurance. Not having a plan in place for when you die is a heavy burden on your family.
On top of the grief of your loss, your loved ones will have to shoulder the brunt of funeral expenses. The average cost of a funeral is $7,000. The worst part about not having a will or life insurance is that who will control your remaining assets is decided by a judge or a court, not by you. Your remaining liabilities, however, will rollover to a “lucky” family member.
So if you’ve graduated, married and thinking about having kids, now is the time to plan your estate. There are multiple forms of life insurance, most respected financial advisors advise buying term life insurance. Term life insurance premiums are the most effective route to go and will provide adequate coverage.