Estate planning and life insurance often go hand in hand. One involves the distribution of assets after a person’s death, and the other is about providing a financial safety net for loved ones in the event of the policyholder’s passing. While they are often referred to in the same breath, they have slightly different purposes, and it’s essential to understand the role life insurance plays in estate planning.
Estate Planning and Life Insurance
Estate planning and life insurance protect your family and loved ones when you are no longer with them. Together, they secure your financial future and guarantee your assets will be distributed how you want. Therefore, you should ensure your life insurance policy and estate planning match up properly.
Protect Your Assets and Your Loved Ones’ Financial Futures
Your goal during estate planning is to put together a process of managing your assets in life and their distribution in death. Once it is cemented, you can use life insurance to fill in the gaps. You want a sum of money available to your loved ones to cover outstanding debts, funeral costs, and, if you have dependents, to help with their living costs. If you’re no longer here, the last thing you want is for the people relying on you financially to encounter financial hardship.
Expert Service at Ruddy Insurance Group in Niles, OH
At Ruddy Insurance Group in Niles, OH, our experienced agents can navigate you through this process, from choosing a life insurance plan to adjusting it over the years. We understand the role that estate planning plays in life insurance, and our focus is always on putting your needs first.
To learn more about Ruddy Insurance Group in Niles, OH, call (330) 652-0202 today.