Why you need a Will and Life Insurance that provides a lump sum of cash for Critical & Chronic Illness

Death and serious illness are two life events that tear families apart…and can leave scars that last for generations.Do you have a will?

We’re going to show you an affordable, trusted way that you can minimize the family devastation that these two inevitable events can cause.

Don’t make the mistake of not making these critical family protection choices: a will and Life Insurance that provides lump sum cash for Critical & Chronic Illness.

First, let’s talk about 12 consequences of dying without a Will (then we’ll talk about becoming critically ill without a Living Will).

Many people put off writing a will because they believe it will be costly or difficult, that it’s unnecessary because their possessions will automatically pass to their spouse or children, or simply to avoid thinking about their own death. Yet writing a Will is critically important for all adults regardless of wealth, marital status, or age (and in many cases the writing of a will is FREE!). Here’s why:

  1. Without a will, someone must be appointed to act as an administrator of your estate (an “executor”). This means added, unnecessary delay, expense, frustration, and even loss.
  2. There’s no opportunity to select guardians. Every parent knows how important it is to make sure that your children are in the hands of someone you trust.
  3. There is no opportunity to provide for burial preferences. It’s a tough topic to discuss so outlining your preferences in your will may be the perfect solution.
  4. Your children may not receive the amount you wanted, when you want them to receive the funds.
  5. The Probate Court is involved in the administration of your children’s share if they are minors. This means the government will decide your child’s financial future. The government will also take a portion of your estate, as their fee.
  6. Certain assets that you may have wanted to be kept for your family’s security or for investment purposes may have to be sold. (Make sure the estate is properly funded with Life Insurance that also provides for your care if you become critically ill – otherwise you may drain your estate, leaving your loved ones with nothing.)
  7. In the event of a common disaster (where your whole immediate family passes away), your estate may go to a relative that you may have never spoken to, or don’t even like.
  8. Common law relationships or same sex relationships may not be recognized by the state. This means that your significant other may not receive anything from your estate upon your death.
  9. You are unable to take advantage of tax savings and save money on lawyers and court costs following your death. We’re amazed the clients can set up a Will for free – by going here – as opposed to how much legal fees can cost when there are problems with an estate.
  10. Do you want your estate to go to your grandchildren if their parents predecease you? Only a will can properly indicate what is to happen in the event a family member dies.
  11. When there is something of significant value like a business, it is so important to plan ahead to avoid potential conflicts.
  12. Ultimately, without a will, you are unable to exclude or include beneficiaries. You must depend on the law and the government to decide the economic fate of your family and loved ones.

Now let’s talk about a living will. This a directive to physicians and other healthcare providers specifying your wishes with regard to specific treatments or procedures to be used in the event of your incapacity. A living will becomes effective only when you are unable to express your wishes.

The purpose of a living will is to make your intentions known, so that your family and your doctors will be able to lawfully act in accordance with your wishes. Once completed, discuss your wishes as reflected in your living will with family members, and be sure they have a signed copy. A living will, or advance directive, is not a part of your Will, and must be completed separately.

The last item is having a Life Insurance policy that includes a lump sum payment in the event of critical or chronic illness.  

In a previous blog we shared a true story of one of our clients – and how Living Benefits Life Insurance protected his family from the financial devastation of a critical illness.

Living benefits term life insurance policies can be purchased with one or more riders, which will pay you money while you’re still alive if:

  • You’re terminally ill. You can receive a portion of your death benefit in advance, for help with medical expenses, one final around-the-world fling, or whatever.
  • You’re chronically ill. Frequently you’re considered chronically ill if you can’t perform several of the six activities of daily living, such as getting out of bed, feeding yourself, bathing, and so forth. You can receive a portion of your death benefit in advance, in situations like this.
  • You’re critically ill. That could mean you’ve been diagnosed with a heart attack, stroke, cancer, end stage renal failure, major organ transplant, or some other pretty grim illness. Again, you can get some or all of your death benefit early – in time to be of some use to you.

To sum up:

Writing a Will doesn’t have to be complicated or expensive. This site provides a free and simple way to compose your own legal Will online in a few easy steps.

While you’re creating your will, let us help you fund your estate with Life Insurance as well as provide you a lump sum of cash for Critical & Chronic Illness through the benefits of a Living Benefit plan.  Contact us today! 1-800-257-1723