Legacy, Legacy, Legacy: Planning With Life Insurance (Part III)

• Generational wealth is important, and having life insurance plays a major role in helping out your family's financial situation. 
• If you are currently working somewhere that offers life insurance, the policy will not remain intact if you leave.
• Therefore, it is important to educate yourself on insurance to financially take care of your family. 

Why Am I Talking About This?

I want us to start taking our legacy planning more seriously as a culture. GoFundMe, Fish Fry Dinners, and T-Shirts with clouds should be the last thought our families should have as a means of paying for a burial or covering funeral expenses when we pass away. Life insurance and early legacy planning will make the grieving process less stressful.

Keep in mind to reach out to a licensed insurance agent to help you construct your Legacy Plan. The purpose of this article is to introduce the concept to you. Along with letting you know how obtainable it is to plan you and your family’s legacy!

“Generational wealth, that's the key” - Jay-Z “Legacy”

Another thing to keep in mind is to not rely solely on the life insurance provided by your place of employment. If you leave the company, that policy leaves you. Most employer-based policies don’t carry over like rollover minutes. Having multiple policies isn’t just for the affluent; it is for the affordable like you and me! Wealthy isn’t out of reach for you, Fam! Expand your mind and expectations to see elevation.

Tea: You can budget your life insurance policies like you budget your money. Give each one a job! One policy can be for burial; another policy can be for settling your or your family’s estate, etc. Go back to configuring how wealth looks for you and your family - not just now, but also in the future.

Additional Insight

Take your emotions out of it. While it is hard to think about our transition, the wealth transfer is important for us to organize it.

Audit your life now and in the future. Every so often, look to update your Legacy Plan to make sure that it is up-to-date.

“My parents ain't have shit, so that ship started with me / My mom took her money, she bought me bonds / That was the sweetest thing of all time, uh” - Jay-Z “Legacy”

As I love to say frequently - “The scale is within the start.” Start how you can and expand with every gain.

The article was previously published on Nadia C. Vanderhall’s website. Edits were made for CapWay posting.