What happens after your kids have made that $10 in coins and bills? How do they budget? How much should be spent, what should be saved and given to charity?
As challenging as all of this has been, we are very fortunate that we’ve both had life insurance for many years. While we are optimistic about the long-term outcome, we’re also thankful for the peace of mind this protection gives us.
Every day we talk with people who are seeking coverage after receiving a cancer diagnosis. Unfortunately, most are considered “uninsurable,” at least for a few years.
Join Life Happens and NAIFA representatives on Thursday, September 26th from 1:00-2:00pm EDT as we moderate a Twitter Chat focused on findings from the 2019 Insurance Barometer Study. There will be plenty of activity from the media, insurance companies, agents and consumers. We hope this chat helps promote life insurance awareness among the public and allows agents and companies to discuss important industry issues, best practices and solutions for ways to improve.
Both working and stay-at-home moms need protection because what they do for their families is so valuable. While a stay-at-home mom isn’t compensated for her work, if something were to happen to her, it would be expensive to replace all those things she does—from childcare to home care to ensuring the family gets where they need to go when they have to be there.
The difference between the two is that a working mother also contributes an income, which may be critical to the family financially. That means she needs to think about replacing that income when considering how much life insurance coverage she may need.
Regardless of your reasons for giving, a gift of life insurance can represent a substantial future gift to a favorite charity at relatively little cost to you. There are several ways you can accomplish that:
1. Make a charity the beneficiary of an existing policy: If you have a life insurance policy you no longer need to support your partner or family, you can name a charity as the beneficiary of the policy, meaning that the charity will receive the policy’s death benefit when you die. While there are no current tax benefits to this approach, the value of the policy will be removed from your estate for federal estate tax purposes.