So Much to Be Thankful For, So Much to Protect

EL DORADO HILLS, Calif., Nov. 23, 2011 /PRNewswire/ -- The holidays are approaching, and it's a good time to reflect upon the blessings in your life. Your family's well-being isn't something to take for granted.  Creating a solid estate plan, complete with life insurance, is an important part of ensuring your loved ones' future, protecting them from financial hardship if something were to happen to you. Your estate plan and life insurance needs to be personalized to your specific needs and financial situation.

"If there is anything you should consider this holiday season, it's the gift of security for your loved ones," said Gary Lardy, a life insurance expert.  "Regardless of your financial circumstance, a solid estate plan and life insurance package can help you rest easy as you enjoy the holiday season."

Even for people with a high net worth or income, it may take some time for your loved ones to gain access to your assets due to liquidity issues and probate proceedings. Term life insurance as well as whole life policies, provide prompt payment to your beneficiaries, carrying the financial burden until other assets can be transferred. 

According to Lardy, CEO of IntelliQuote (www.intelliquote.com), an online life insurance agency, families should be prepared for a variety of possible financial scenarios and options in the event of a loved one's death.

"If your estate plan doesn't include life insurance, your family may be put in the difficult situation of not being able to manage daily living expenses, let alone cover the costs of your funeral,"said Lardy. "By ensuring your estate plan includes sufficient life insurance coverage, your loved ones will have the money to make ends meet when they need it the most."

Life insurance proceeds can be used to fund funeral expenses, mortgage and car payments, and other living expenses.  Having a life insurance policy to cover immediate needs and living expenses, and a clear plan for your estate and wishes, could make all the difference in protecting your heirs from financial and further emotional hardship.

When planning your family's future with an estate planning attorney, life insurance is commonly one of the first topics of discussion. It is common for your financial advisor or estate planning attorney to encourage you to set up a survivorship or second-to-die life insurance policy.  Of course, the type of life insurance policy that you choose should be based on your personal situation and estate planning goals.

You are never too young to worry about life insurance and estate planning. Consider the following three reasons which detail why you should start planning today.

1. Tomorrow is never promised. Unfortunately, life is unpredictable. It's never too soon to plan.
2. Legal documents can be executed only by individuals of sound mind and body. In the event that you become impaired, you will lose your right to enter into or change your life insurance or estate plan.
3. Life insurance will become more expensive the longer you put it off—the younger and healthier you are, the lower your premiums will be.  And, in the event you acquire a serious illness in the future, your life insurance premiums will be much higher than if you elect coverage when you are healthy.

As parents and family members, we know we should prepare for the future financial security of our loved ones. Take some time this holiday season to count your blessings and plan for your family's bright future. Lardy suggests taking the first step by discussing your situation with a licensed life insurance agent and an estate planning attorney to determine your needs and options.

ABOUT INTELLIQUOTE
A leading online life insurance agency since 1997, IntelliQuote provides customers simplified, private access to compare, shop and buy life insurance online, including term life insurance quotes.  IntelliQuote offers clients a wide selection of competitive products from A-rated carriers, supported by licensed agents.  This simplified approach makes purchasing a policy easy and straightforward while providing a savings of up to 70% per policy. IntelliQuote is a member of the LIFE Foundation and is committed to ongoing consumer education.  For information on how to estimate how much coverage an individual might need, contact www.intelliquote.com, or 888.883.6855.

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Gary Lardy
https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=95233

SOURCE IntelliQuote