None of us are going to be around forever, and in all likelihood, you’ve got many years ahead of you. However, if you have a partner and children who are financially dependent upon you, it pays to err on the side of caution. Although the odds are overwhelmingly stacked in your favor, the possibility of dying in an accident or passing away from a fatal illness is always on the table. If either scenario came to pass, your loved ones would be left with no source of income. Fortunately, securing their financial future is much easier than you may think. To ensure that your nearest and dearest are taken care of in the event of your passing, take the following measures.
Draft a Will
If there’s a very specific manner in which you want your savings and possessions to be distributed, it’s in your best interest to draft a will. Failure to take this precaution will result in the state distributing your assets following your passing. A will ensures that you remain in complete control over how your estate is divvied up. Many people associate drafting a will with old age, but this assertion couldn’t be further from the truth. After having children, many couples and individuals in their 20s, 30s and 40s create wills for the sake of their kids. With this in mind, it’s never too early – or too late – to visit an attorney and start making out a will.
Buy Life Insurance
Buying life insurance is arguably the most effective way to make sure your loved ones remain financially stable if the unthinkable happens. For a relatively small amount of money each month, you can give yourself total peace of mind with regard to your family’s wellbeing. The level of coverage they’ll receive depends on the type of plan you buy into. Certain plans will pay your widow a fixed monthly sum for 10 to 20 years after your passing, while others will continue paying her for the rest of her life.
Canadians in the market for comprehensive life insurance needn’t look any further than Alliance Financial Canada. For over 30 years, Alliance Financial has provided both individuals and employers with a convenient array of affordable life insurance plans.
Set Aside Money for a Memorial Service
Depending on the venue, memorial services can be incredibly pricey. After losing their primary provider, the last thing your family needs is an enormous funeral bill. When drafting your will, outline how you’d like your funeral to be handled, then set aside enough money for the type of memorial service you specified.
No one enjoys thinking about death. Considering the prospect of your own passing is liable dampen the spirits of even the most chipper individual. Nevertheless, when you have a family, their wellbeing needs to be your foremost priority. If you don’t want your loved ones to be left high and dry in the event of your passing, don’t hesitate to take the previously discussed measures.