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Legacy Planning & Life Insurance – How Well Do They Sit Together?

Taking the current financial situation into account, there is no telling when your investment portfolio may improve or face a downfall similar to that of the 2008 recession. Today, when it comes to legacy and financial planning, wealth preservation is at the top of any financial advisor’s list, telling clients to manage their assets and ‘brace for impact’.

The current volatility faced by the economy has changed how insurance policies work, bringing legacy planning and life insurance much closer to each other. Transferring wealth to the next generation has become simple and complicated at the same time.

Do Legacy Planning & Life Insurance Actually Go Together?

If you asked a financial advisor about life insurance and business succession planning, most would have told you, about a year ago, that legacy planning is a way to transfer funds and your business to your family. Life insurance, on the other hand, would be defined as a way of securing your financial obligations or family’s income.

However, today, they are both considered very closely since life insurance is also a legacy and the whole idea behind legacy planning is to leave behind something for your family after you’re gone. This is what we call “Legacy Protection.

Life Insurance

When considering family legacy protection plans, you can use your funds from a 401(k) account or IRA to fulfill your life insurance policies just as well, not just for your own children, but also your grandchildren, thus providing financial security to even more lives.

While you or your parents might be receiving Social Security, you might be well aware of the uncertainty that revolves around the prospect. Our younger generations may not be as lucky if they decide to half or all-out finish the social security system. Pension options are also being taken away by most employers nowadays in attempts to tackle the COVID-19 economic downfall.

Legacy Planning

People who usually include their whole investment portfolio in their wills or trusts often forget about the insurance policies they buy. You as a family man shouldn’t have to worry about it, since this is an insurance agent’s responsibility. A good insurance agent or financial advisor will regularly remind you about the face value of your investment portfolio and the benefits offered by your insurance plan.

The idea is that once you pass away, your family should be aware of the funds to claim and how. Legacy planning is what comes to the rescue here. From life insurance to business succession plans, trusts and more, everything is listed in your legacy plan.

Legacy Armor to Help You Make Things Easier

Paper wills and legacy plans have a way of either being mismanaged or ‘forgotten’ about. The world has seen a rather drastic shift and reliance on the internet due to the COVID-19 lockdowns and the insurance sector is no different.

For that, we offer an online portal where you can manage your legacy and access it anywhere, anytime. The idea is to help you take your legacy mobile and explain to people close to you – your family – what they should be looking for and where. To learn more about it, we urge you to get in touch with one of our insurance agents today!

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