“NoFundMe” Instead of GOFUNDME: Why investing in life insurance builds legacy wealth?
When we think of insurance policies, we don’t usually associate them with building wealth or creating a legacy. However, life insurance is one type of policy that can help families and individuals do just that. We all want to live long, healthy lives, but unforeseen circumstances do occur, and often when we least expect. What’s more, many of us have loved ones who depend on us for financial support. With GoFundMe being a popular online platform for people to crowdfund donations to help pay for surgeries and memorial services, it’s safe to say that most people haven’t properly considered the best options for preparing for the worst-case scenario. Rather than relying on others to donate in times of crisis, why not invest in life insurance to create a legacy of financial stability and security for your family?
Life insurance can help you build wealth. It may not seem like it, but life insurance can be essential to a long-term investment strategy. Life insurance is a contract between an individual and an insurance company, with the individual paying a monthly or annual premium to maintain coverage. Depending on the type of policy you choose, life insurance can accumulate cash value over time, and some policies offer investment options to help policyholders grow wealth at a faster rate. This added value can be used to pay for retirement, fund a child’s education, or provide extra income during tough times.
At death, a life insurance policy pays a death benefit to the insured’s beneficiaries upon his or her passing, providing much-needed financial support during a difficult time. The death benefit can be used to cover funeral expenses, pay off debts, and provide ongoing income to support a dependent spouse or children. Knowing that your family will be taken care of in the event of your death can help you sleep better at night.
Did you also know that if you own a business, life insurance can be a powerful tool for protecting your investment? This is commonly done through buy-sell agreements, which utilize life insurance policies to create a plan for a partner or…