Have you ever considered that a life insurance policy is a simple document complicated by a lot of legal jargon? Yes, the legal jargon is designed to protect the policy owner and his or her heirs but it is also designed to protect the life insurance company. That being said, your life insurance policy is still a very powerful document. It is a simple document that does a real heavy duty job.
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Your life insurance makes putting you away at a time when your loved ones are grieving much easier. You will be remembered more fondly because you didn't leave the weighty burial costs for them to shoulder. You didn't leave the estate tax costs and attorney fees to come out of their pockets. They send you off in style and you would be very proud of your surviving family.
Your spouse knows about the effort you made to prepare for your untimely death and she loves you even more at this time for your thoughtfulness. Yes, your life insurance comes alive after your death...
Your policy is alive because it pays off that mortgage that was initially a strain on you but you knew you had to buy that home for your wife and children. You watched them enjoy that home and shared their joys but as you drift off you know they will live there for as long as they want because you bought that mortgage life insurance policy.
As the children got a little older your wife decided that she wanted to go back to work. You are so proud of her achievements. If she wants to continue with her career she can but if she should choose to stay at home she could because the proceeds of your life insurance can take care of the expenses. She can take care of the living expenses, she can pay for all the activities that the children enjoy. She can be there for that baseball or football game all because your insurance policy provided an income that your wife cannot outlive.
You own a business; a small corporation. Your life insurance agent advised you to have a legally prepared buy-sell agreement in case one of the shareholders should die. You happened to be the one that died. The surviving shareholders would be in big trouble had you not insisted on that agreement funded by life insurance policies. The proceeds of this particular policy would be used by the survivors to buy your shares from your wife. As you insisted on updating the policies each year the surviving shareholders get a solid company to continue on with and your spouse gets full value for your shares. In this case she doesn't really need it so she decides to invest it and leave it for the children.
The surviving shareholders would have had another problem had you not insisted on some key man life insurance on your life as well as some on their lives. You were very aware that they would need someone to take on your work load. The money to pay this person would come from the proceeds of your key man life insurance policy. It would help them adjust to the new environment.
A life insurance policy is just a piece of paper mixed with a drop of ink but Oh How Powerful An Instrument It Is.
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