Parents, you work hard at planning: ChoreMonster, practice schedules, meal planning . . . . in fact sometimes all the planning can feel overwhelming. So many of us get so wrapped up in planning the day-to-day that we forget to plan for the future.
Consider Kathy’s story.
Kathy is a 59-year-old grandmother, a widow with $100,000 in savings and other investments she doesn’t anticipate needing. She plans to leave her savings to her 35-year-old son, Peter, so that it can be used for her grandchildren. If Kathy decides to use some of that money now to purchase a life insurance policy, it could provide a death benefit to Peter upon Kathy’s death. With a life insurance policy, the death benefit Peter received as a beneficiary is income tax-free*.
Death benefit? Who wants to talk about that – it’s so much more fun to talk about soccer and chore schedules yet the reality is a little planning can make a huge difference – and not just for the kids. Planning for the future can help protect your spouse as well.
Consider Jerry and Margaret
Jerry and Margaret have been married for 40 wonderful years. Both are 65 years and they live on their Social Security plus a pension with a little extra coming in from investments. If Jerry passes on, Margaret’s pension will be cut in half. Neither one has life insurance. And there are no other sources of income to replace the pension shortfall. By using some of the money they have put into savings, Jerry and Margaret could purchase a life insurance policy and enjoy the peace of mind that may come from knowing that the surviving spouse will have an additional source of income. If Jerry passes on before Margaret, Margaret may be able to maintain the lifestyle she and Jerry worked so hard to build.
No one likes to think about dying. But, should you pass on before your spouse, you may want some assurance that his or her lifestyle may not suffer. Couples may want to ask themselves important questions —How will I get by if my pension is cut in half when my spouse dies? Can I survive on one Social Security check? Will my remaining income be enough to live comfortably?
Help Protect your assets.
Western & Southern Life has a suite of products designed to help meet your life-long needs and protect your family. Consider it another chore on the list. One that will give YOU points, instead of the kids.
The choice is yours.
To leave a legacy for your loved ones and help pass on your hard-earned assets, talk to your Western & Southern Life representative about our products and strategies.
Cincinnati, OH 45202-3341
*Western & Southern Life does not provide tax or legal advice. Please contact your tax or legal advisor regarding your situation. The information provided is for educational purposes only.
The Western and Southern Life Insurance Company operates in DC and all states except AK, CT, ME, MA, NH, NY, and VT.