This is the last in a three-part series of articles that I have been writing on the execution of the legacy that we hope to leave to our children to ensure that they are protected, educated and have a good start in life.
There are three essential elements to this. Firstly having a solid, legally binding Will in place which is regularly updated. Secondly Estate planning: for the protection of assets, possibly with the set-up of trusts and the appointment of an Estate Administrator and finally important inclusion in your legacy of adequate Life Insurance.
For more on the first two, you can visit my website. In this article we look at why Life insurance should be a part of the legacy you leave.
Life is tenuous
If the Covid pandemic and the terrible floods in KwaZulu Natal taught us anything, it is that life is probably more tenuous than we choose to believe. The unexpected viruses, dread diseases, accidents and natural disasters that bring about our demise are constant reminders that many people tend to overestimate the extent of their wealth when they die.
Your family can enjoy life beyond your death
If you have worked with an astute Financial Advisor, over time you will have amassed enough wealth to have lived and retired well, leaving a substantial legacy for your family, but you cannot be sure of your lifespan, so life insurance cover is essential. This is the only way you can know that regardless of the time of your death, that your family will still be cared for, able to live a comfortable life and your children are educated.
Life cover is flexible
You need not think of Life insurance purely as a cover on your life. Life insurance products are flexible and can include cover for other important events such as severe illness cover, disability and income protection. A Life insurance package can also be protecting you and your family ‘in the living years’.
Life cover is competitive and should be revisited
One of the great myths about Life insurance is that the older you get the more expensive life cover becomes. This can be so but given the competitive nature of the industry, it is worth regularly revisiting your Life Insurance cover (I recommend at least once every two years).
Life insurance is incredibly competitive and like short term insurance, you will find that with some comparative investigation that your life insurance premiums could be lower with the same insurer. Change of occupation, income and lifestyle (like when you stop smoking) can all affect your cover and your premiums, so it is well worth it for us to do the exercise.
We can change your life!
At Quintus Wealth we cannot ascertain how long you will live any more than you can. Come and talk to us so that we can ensure that the life you live will be a better one. With the right advice and Life Insurance in place, we can protect your wealth and you can leave your loved ones the legacy you aspired to!