Securing Your Legacy: The Symbiosis of Legacy Planning and Life Insurance with IronClad Family
In an unpredictable financial landscape, ensuring wealth preservation is paramount. Financial advisors emphasize managing assets and preparing for potential downturns. The current economic volatility has reshaped the relationship between legacy planning and life insurance, making wealth transfer a nuanced process.
Do Legacy Planning & Life Insurance Actually Go Together?
A year ago, the distinction between legacy planning and life insurance was clear. Legacy planning is aimed at transferring funds and businesses to the next generation, while life insurance secures financial obligations or family income. Today, they're closely intertwined as life insurance itself becomes a legacy—termed "Legacy Protection."
Life Insurance
Family legacy protection plans now utilize funds from 401(k) or IRA accounts to extend life insurance coverage to not only children but also grandchildren. With uncertainties surrounding Social Security and diminishing pension options, life insurance provides a crucial financial safety net.
Legacy Planning
Often, individuals include their investment portfolios in wills or trusts but overlook insurance policies. A responsible insurance agent or financial advisor ensures regular reminders about the portfolio's face value and insurance benefits, guiding the family through the claims process. Legacy planning encapsulates life insurance, business succession plans, trusts, and more.
IronClad Family to Help You Make Things Easier
In the digital era accelerated by COVID-19, managing legacy plans online is crucial. IronClad Family offers a user-friendly online portal for seamless legacy management anytime, anywhere. The aim is to make legacies mobile, empowering families with the knowledge of what to claim and how. Connect with our insurance agents today to explore how IronClad Family can simplify your legacy planning journey.
