No one wants to think about what could happen if a loved one passes away. Most people don’t want to think about what might happen if they were not there to support their families. Yet, taking the time to think about this in order to create a plan can bring you peace of mind.
One of the best ways to protect your family is to obtain life insurance. It helps to provide financial support to your loved ones after you cannot be there to do so yourself. For many families, it allows them to maintain their lifestyles and pay for final costs.
What Happens After Death?
Perhaps the most important concept of life insurance is when it becomes available. Should you pass away with a life insurance policy in place, your family receives the proceeds from it.
This can happen rather quickly, usually within a few weeks. This can be incredibly valuable for one main reason. Your family does not have to wait for the probate process to occur before securing these funds.
Comparatively, your family may not be able to access money in savings or investments as quickly. The probate process ties up assets in court to allow for creditors to make claims against them. This process can take a year or longer. Those investments could be out of the reach of your family. This might make it harder for them to meet their financial obligations.
Life insurance does not go through this process. Also, the proceeds for the policy go to the person or people you name on the policy. Creditors or anyone seeking funds from your estate cannot claim them. This can help ensure your beneficiaries have the financial protections they need.
Work with a local life insurance agent to determine the right type and amount of coverage for your needs. Even a small life plan can give your loved ones the support and financial protections they need.
Don’t overlook the benefit of probate avoidance. This can make a big difference to your loved ones immediately when other funds may not be available.
We have many valuable resources and information about obtaining life insurance in Florida. Do you have questions about your life insurance policy? Call us today at 772.287.3366