- Revocable living trust
Other considerations: life insuranceMy husband and I got term life insurance policies to cover expenses if one of us dies in the coming years. Deciding on how much life insurance you should have for the well-being of your family involves a lot of thought. That being said, there are some general rules of thumbs that you may want to consider.
- What is the life insurance for? Do you intend on supporting your family off the proceeds? Do you want them to pay off the mortgage? What about leaving behind a cushion of some sort?
- Do you have a life insurance plan with your employer? Some jobs offer a small life insurance policy at no cost to employees. Check with your Human Resources department to see if you already have at least a bit of coverage.
- What's your annual income? Insurance companies often give ranges of 8-12x your annual income. If you know your family's needs, simply choose a multiple that makes sense for you.
Thoughts on preparing for the worstPreparing for your demise takes time, but doing so will ease the pain and stress for your loved ones as they go through a very difficult time.If you're looking for more info, here are some resources that I found useful:
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