When you start your own small business or pursue a high-end career, chances are that you aren’t doing it solely for your own benefit. The majority of us are working to provide our nearest and dearest with a good quality of life as well as ourselves. But the sad truth is that we cannot ever completely guarantee that we will always be around to take care of those that we love. One positive is that we can help to secure their financial future at least, ensuring that they don’t automatically fall into debt should we pass. Here are just a couple of steps that you can take to do this.
Write a Will
The majority of us don’t consider things like a will when we are in good health. But you never know when disaster may strike and it’s better to be prepared just in case. A legal representative will be able to help you draw up a will that ensures that all of your assets are distributed exactly as you wish them to be. This can prevent anything being given to the wrong person or held back by the state.
Consider a Life Insurance Policy
If you have dependents, you should definitely consider a life insurance policy. This will provide them with a payout should you pass away while your policy is in place. The money could be used to cover funeral costs, clear off outstanding mortgage payments or other debts that you may have, or tide themselves over during a period of mourning. Whatever it is used for, it can prevent them having to take out loans or credit in order to get by. If you’re still in doubt when wondering “Do I need life insurance”, the infographic below should help to guide you in the right direction.
Infographic Design By Do I need life insurance