Life Insurance and Wills: Preparing for the Inevitable
While we might sometimes feel like we could live forever, it's probably not going to happen. What can we do for the family, friends and even businesses we’ll leave behind? Life Insurance and Wills may be part of the answer. From the Impart Wealth Survey we’ve found that Hive members are taking advantage of Life Insurance, but may not yet have explored a will. Here’s what we found:
While millions of Americans have no life insurance coverage at all, more than 74% of Hive members -- thanks to their employers -- have coverage. And almost 83% of those covered are somewhat to extremely confident in their coverage.
No amount of money can ever replace a person. But more than anything, life insurance can help provide protection for the uncertainties in life.
How Much Life Insurance Should I Have?
A simple rule of thumb for how much life insurance to carry is to multiply your current salary by 10. So if you are making $100,000 a year, you should have $1M in life insurance.
Only 4 in 10 people nationwide have any type of estate planning document. Meanwhile 32% of the Hive have a will, and 53% of those folks have updated their will in the last 3 years. Those who have named a guardian in their will primarily select a relative -- siblings and parents lead at 25% each.
Having a will is arguably one of the most important things you can do for yourself and your family. Not only can a will legally protect your spouse, children, and assets, it can also spell out exactly how you would like things handled after you have passed on.
How do I write a will?
You can work with an attorney or, to keep your costs down, there are a number of online resources that will provide you with forms and may also have an attorney to review your work.