Transferring your home into a trust is a smart move to protect your family and avoid probate, but many homeowners overlook a crucial step – updating their homeowner’s insurance. If your policy doesn’t reflect the trust as the legal owner, your claim could be denied when disaster strikes. In this blog, we’ll explore why aligning your insurance with your trust is essential, common mistakes to avoid, and how a well-structured Life & Legacy Plan ensures your home and loved ones are fully protected. READ MORE
Posts Categorized: Insurance
Protecting Your Family’s Safety Net: How to Set Up Your Life Insurance Policy The Right Way
Crafting a thorough Life & Legacy Plan involves designing a plan that allows you to fully relish your life while safeguarding your loved ones’ future in your absence. While life insurance is indeed a straightforward method to ensure your loved ones’ security, it’s crucial to structure your policy correctly for optimal impact on your family.
How you choose your beneficiaries for your insurance policy can really affect how well it works, how it gets used, and who gets to manage it once you’re gone. In this blog, we’ll look at the dos and don’ts of naming beneficiaries on your life insurance to make sure your loved ones get the support they need when something happens to you. READ MORE
Can You Rely on Legal Insurance for Your Estate Plan?
As the need for affordable legal services becomes even more important in today’s world, it’s common to opt for group legal insurance offered through your workplace benefits. These group insurance plans provide free legal assistance for a variety of needs from law firms that have contracted with the insurance company to provide the legal work.
While group legal insurance might seem like an easy option to save on your family’s legal needs, it’s often inadequate for creating the kind of estate plan you really need to protect your assets, your choices, and your loved ones. In fact – the type of estate plan, will, or trust created through legal insurance programs could leave your family with a big mess. READ MORE
4 Common Mistakes Made On Life Insurance Beneficiary Designations
Although it would seem common sense, whether intentional or not, far too many people fail to name any beneficiary on their life insurance policies or inadvertently name their “estate” as beneficiary. Both of these errors will mean your insurance proceeds must go through the court process known as probate.
During probate, a judge will determine who gets your insurance death benefits. This process can tie the benefits up in court for months or even years, depending on who the beneficiaries of your estate are under the law. Moreover, probate opens up the proceeds to creditors, which can seriously deplete or even totally wipe out – the funds. READ MORE
7 Issues To Consider When Purchasing Disability Insurance
Disability insurance pays benefits when you are unable to work because you are sick or injured. Most policies pay a benefit that replaces a percentage of your income. But disability insurance is not the same as health insurance – it will not cover your medical bills.
Instead, disability benefits replace a percentage of the income you lose due to your inability to work, so you can cover your basic financial needs, such as paying bills, covering daily living expenses, and providing for your family until you can return to work. To begin your search for disability insurance, first, you need to get clear about your minimum financial needs, or what we call your “minimum to thrive” number, should you become unable to work. READ MORE