Protecting your children’s future if the unthinkable were to happen isn’t a pleasant topic of conversation. It is extremely important, however, and needs to be addressed to ensure that your children have everything they need if something did eventually happen. The agents at Lonestar Insurance Specialist serve residents living in the Amarillo, TX area. They assist their clients in making sound decisions when it comes to life insurance and how to make sure your children are taken care of.
Designate A Trusted Administrator
Because you are dealing with minor children, you will need to designate a trusted administrator to manage the funds dispersed through your life insurance policy. While the money is beneficial, you need to ensure that it is spent wisely in ways that maintain the child’s quality of life. In some cases, it may be best to hire an attorney as the administrator so that everyone’s best interests are protected.
Create A Trust
Using the funds provided by your life insurance policy, have a trust created for each child. The funds can then be dispersed as college tuition, monthly installments or lump sums when the child reaches specific milestones, such as getting married or turning 21.
If you live in the Amarillo, TX area and want to learn more about the various ways you can use your life insurance to secure your children’s future, call and talk to the agents of Lonestar Insurance Specialist. They have the answers to all your questions and can help you create the perfect policy to help protect your children’s future. You are encouraged to call or visit the office whenever you want to learn more.
Many people have the idea that life insurance is primarily for families. The truth is that most anyone can benefit from what life insurance has to offer. Proceeds from a life insurance policy can be used in numerous ways to help singles, couples, and families in Amarillo, TX adjust to a loved one’s demise.
As a single, you may have aging parents that you are supporting in retirement or a sibling that you’re helping to put through college. If you were to die suddenly, your loved one(s) could continue receiving this financial help via proceeds from your life insurance policy.
If your parents co-signed a student loan for you, life proceeds could pay this off, so your parents aren’t held liable for this debt. If you’re in business with a partner, benefits can cover your share of finances after you’re gone so that the business can continue.
In the case of couples without children, the primary breadwinner or both can take out life insurance from Lonestar Insurance Specialist and name the remaining spouse as the beneficiary so he or she will have financial support after the other is gone. Life proceeds can be used to pay off debts or provide funds for daily living, giving your spouse time to plan for the future.
Life insurance can provide financial security for couples with children, particularly if the policyholder is the primary breadwinner of the family. By naming your spouse and children as beneficiaries, you give them financial stability to carry on after your demise. Life benefits can be used toward paying off a mortgage, car loan, personal needs for your children, kids’ education, and more. Proceeds can even go towards your funeral costs, so your family isn’t burdened with these costs.
To learn more about life insurance options and costs, contact Lonestar Insurance Specialist in Amarillo, TX.