Tip #3: The Awesome Value of Life Insurance
When loved ones come knocking it is our desire to be there for them both in life and death. One way to know that your loved ones are taken care of, is through the purchase of a life insurance policy. Life insurance still remains one of the economical ways to leave a legacy to your family and loved ones. For pennies on the dollar, life insurance can eliminate the financial burden of funeral and burial expenses. Your loved ones are already overwhelmed with the final planning details, and having to come up with the proceeds to pay for these expenses, just compounds those financial difficulties.
Many clients have asked, “Should I purchase whole life or term?’ The answer can be as simple as:
- Which one do you plan to have at your death?
In my 36 years of selling life insurance, no one has ever asked if the policy that paid for the decedents untimely death was a whole life or term insurance policy.
- What are your long-term goals and future purchases?
For example, the building where my office is located is secured through a life insurance policy that would pay off the mortgage in the event of my untimely demise. Life insurance can also address the future needs of your children by covering college tuition, purchasing that first car, providing a down payment for their home and so much more.
When I was younger, I purchased more term life insurance because it’s more reasonably priced and fit into my budget. As, I have grown older, I have tied my purchases to business ownership. Although, the vast majority of the life insurance I own is term, there is a substantial amount of whole life and universal life coverage.
- What are your Estate Planning needs?
The advance arrangement of the management and disposition of your estate, during your life, can impact the transfer of wealth. Estate planning for incapacity, a child with special needs, or simply ensuing you’ve properly passed on your most valued possessions should be considered in advance.
Contact a licensed insurance agent to determine your life insurance needs and discuss the living benefits life insurance offers. It’s a great planning tool to have in your arsenal as you strive to increase your wealth.
Remember, Wealth is our legacy…Pass it on!
To contact ELE Wealth Management, LLC please call (248) 356-6555 or visit us online at www.elewealth.com.
Securities offered through ELE Wealth Advisors, Inc., member FINRA. Advisory services offered through ELE Advisory Services, LLC. ELE Wealth Advisor, Inc. and ELE Advisory Services, LLC are affiliated through common ownership and control.
52 Tips of Wealth Building: