Welcome back to the Successful Financial Strategies blog! We are a financial firm that serves the Arden and Henderson areas with holistic financial planning services. We believe in putting your needs above our own and want to guide you towards your financial goals and ultimately, prosperity. We offer financial planning, wealth management, life insurance planning, and annuity strategies services. To learn more about us, visit our website!
Today, on our blog, we are continuing to talk about life insurance and why it is so important for our clients to consider investing in this effective investment. Life insurance is a versatile investment tool that can provide a variety of benefits. For such a serious investment, it is easy to have a lot of questions and our financial advisors are here to help. In our last blog, we began discussing when life insurance is the most beneficial and the purposes it can serve. Read our last blog post, or keep reading to learn more about life insurance.
Pay For Final Expenses
Funerals and other final expenses can be incredibly expensive. Funerals and the means for burial can add up into the tens of thousands of dollars and, coupled with the devastation of loss, can be a heavy burden to those that you leave behind. Also, if you were in the hospital or in hospice before passing, anything that you must pay out of pocket for those services falls to your beneficiaries, who, as we read in part one, are responsible for all of your debt after you pass. It is always best to set up your will and and other important paperwork as soon as possible so that you can have peace of mind knowing that you have all of your proverbial ducks in a row; you can also have a better idea how much you need to save based on burial plans.
Buy Business Partner’s Shares
If you are a business owner, then you should also consider investing in life insurance. Why? If you partner dies, then you need to have enough cash to pay for his share of the company that will most likely fall to his heirs, and to do all this without having to sell the company. For this reason, it is important to take out a life insurance policy for your partner and they should do the same for you. You should also discuss with your partner about what will happen if one of you should pass or become incapable of running the company. Whether it be for your personal or professional life, you should always prepare for the future as soon as possible to make sure that your wishes are heard and carried out.
Read our next blog to learn more ways that life insurance can add to your and your family’s quality of life and peace of mind. To know more about how you can prepare for your future, contact our financial advisors. We are here to serve our clients in the Arden and Henderson area with financial advice that we hope will help guide towards your financial goals. If you are interesting in any of our financial planning services or just knowing more about Successful Financial Strategies, visit our website. We also offer helpful resources and links to our radio show!