Life After Death (Life Insurance and Wills)

Life After Death (Life Insurance and Wills)



I know,I know, you thought this was going to be a rant of how 2Pac is alive somewhere in the world. No, it's about how lives will continue to move on after you have lived your best life and passed. How will your family and loved ones be able to continue living on after you have passed away?

People usually have life insurance and wills to make sure their family and loved ones have enough, at the very least, to plan and arrange their funerals. It was reported that in 2016 there was 2,712,630 had died in the U.S. of those who died only 37% of them had a will and 71.6% of the 37% had a will that was up to date. Of those who died, only 44% of people ages 18 to 29 had life insurance. The dearly departed that was above the age of 30 only 65% of them had life insurance.

WHY?! Is it difficult or too hard to obtain? Or is it that we're just not knowledgeable? Well, this is what I am here for!! To help shed light on what these two things can do and help you and your family through an already difficult time with comfort and ease.

Life Insurance is just an agreement between you and a insurance firm stating that if you pass away that they will give you an X amount of money to your family and loved ones most specifically for your funeral expenses. So how does this happen? You make a payment every month to this insurance firm and they agree at the time of your demise they will give money to your loved ones. For example AIG Direct offers a policy of $14 a month for $250,000. So for 14 dollars a month they will make sure your family and love ones have $250,000, which should give great relief for your family. They don't have to worry about how to pull money together because it will be there for them. To make sure you and them are taken care of when you pass.

You should know there is also a lot of the fine print that varies from state to state, health and age. One thing that you should be aware of is there are two different life insurance policies. One is called "term" and the other is called "permanent". There are a few differences but I will like to talk about the major ones here.

So “Term Life Insurance” hints to one of the major differences in the two policies, that you can have it for a set amount of time. You can do it for 10, 15 , 20, 25, or 30 years. Next thing is the premium you pay up front (the monthly payments) is usually always lower than Permanent Life Insurance. Last but not least "Term Life Insurance" can be converted into a "Permanent Life Insurance" but not the other way around.

With “Permanent Life Insurance” (aka Whole Life Insurance)  the hint is also in the name. This policy will be available for you as long as you are alive and the premium (monthly payments) are made. Next thing you have is the cash value, yup big bucks. The policy allows you to have a savings/investment component to it. As you pay your premium some of that premium will go to that saving component, which will be your “cash value” that you can borrow against.

There are a few more thing that vary because of age, location and health. My advice when looking into life insurance is to shop around and see what the rates are for each place (PLEASE). It's now easier than ever to compare rates with different insurance companies through the internet. The internet is your greatest tool, google “life insurance near me” you can pick and read through the different quotes, especially if you have kids.

Through personal  experience I do remember how difficult it was for us to organize everything, for more than one reason when my grandmother passed away. As a family we didn't have everything in order. From the lack of funds available and not really knowing the full details how my grandmother wanted her funeral. Which always reminds me to be sure to keep my will updated.

So what are wills? Wills are kind of like an instruction manual for your love ones, telling them what to do when you pass away.  A will is a legal document clearly stating what you want to happen to your assets, property, expense/debt and how to arrange your funeral.You have to be 18 years of age and also clearly say what you want to happen. The person you put in charge of getting your things in order the way you state it is called an “executor”.If you want to give your things to someone they will be called a “beneficiary ”. If you have any children that you were the sole caretaker of and you want to name someone else the caretaker they will be called the “Guardians”. After you make your statement clear in your will, you need to have witnesses see you sign the will who then also have to sign (amount of witnesses varies by state). The witnesses are protection to be sure that you was not forced to write this will against your better judgement. Then you just keep it in a safe location where your loved ones can easily find it during the time of your passing.

Few things I want you to keep in mind. State in your will whether you are married or single as a dollar. When going through life changes, like having a kid or another, get married or remarried or moving to another state. Updating your Will is a must; few example if you are married you want to say “ I Bod Johnson Vandingo III,  am married to Beauty May”. If you left something behind for a beneficiary “ I Bod Johnson Vandingo III, resident of New York State declare this as my Will. I left one million dollars under…………somewhere for you to find’’. If changing details or writing a new one you want to clear state that this is a new Will and that your previously Will have been “revoke”. Using the right words are very important, if you need help with writing one you can always go to your local Law office and seek help from a pro bono legal representative.  Also please keep in mind that the legal requirements varies from state to state.

Remember life insurance and wills are a lot more easier to obtain in today's world. You have the power of that smart phone you are using right now and Google. I used wikihow to help me with the draft part of my Will. I will put the link at the bottom of page. Unless you are apart of the Night’s Watch up on the Wall when you read this there should be no reason why you shouldn’t have these two things set up.




Copyright 2018®
By: David Alabi




Up to 90% back on vet bills

Refer links: https://www.cdc.gov/nchs/fastats


                    https://www.uslegalwills.com/blog/americans-without-wills/


                    https://www.aigdirect.com/thank-you


                    https://www.wikihow.com/Make-Writing-a-Will-Easy

Comments

  1. Important for your children after you.

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  2. This is paramount to have proper financial planning in one's lifetime and let the family know of details.

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    1. An open communication with your loves one is very important. Thanks for the feedback

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  3. Excellent points! Thank you for explaining things so clearly!

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    1. I am glad to help. I just hope that we can all prepare ourselves better.
      Thanks for the feedback

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  4. This is an excellent post, and very important. Thanks!

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    1. I am just glad that I can possible help someone else out

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  5. We should always considered our family. @ Gbadamosi

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    1. Family and love one are people we how close to us. We should always look out for them. - @blackmagic_sanctuary

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  6. What a great informative post. FAMILY First always!

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    Replies
    1. I am glad that you enjoy the post. Thanks for the comment.

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  7. Life After Death (Life Insurance and Wills) is an informative read. Thanks for sharing information on insurance policies that one should consider. Keshia Richmond

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    1. I am just glad that I can be a help to someone Keshia. I know by personal experience that these are difficult things to talk about, but since it will happen no matter what we can plan for it to a certain extent.

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  8. Great information . I work for a law firm and it's crazy how many people are unprepared.

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    1. Yes, I feel that people are unprepared just because it a topic they do not want to talk about. But it something that will come to past anyway, so why not be ready for it as much as possible?

      What law firm do you work at if you don't mind me asking

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  9. This is really good and informative. You have created the article very well. Many will be benefitted from it.

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    1. Thank you for the feedback, I am just glad I can help just a little bit.

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  10. Excellent points! Thank you for sharing this informative post.

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    1. Thank you for taking the time out to read it.

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  11. What a very informative post. Family first. Everyone should know about wills and life insurance.

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    1. Yes, both of these items are tool just to better prepare for the event that will happen no matter what. When that event do happen we can have the time to take the time to appreciate the life of our love ones that past and not worry about the financial burden or planning of this event.

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  12. I do have life insurance but no will in place. I have children so I need to do that asap

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    1. Yes, please do. You are ahead of a lot of people with just having life insurance.

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  13. It is really informative post to everyone. Thank you for this wonderful sharing.

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    Replies
    1. Thank you, I am glad you took the time out to read it.

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  14. This is very informative post. Thanks for sharing.

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    1. Thank you Rupy, I am glad you took the time out to read it

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  15. vey informative post. thanks for sharing.

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    1. Thank you, I just hope it can be usefully to someone.

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  16. Something to really think about. You never know when anything can happen soso the earlier you obtain one, the better.

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    1. Very true, Never really know what going to happen in life but if you prepare for it at your best, I think one will not have no regrets.

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  17. My husband has life insurance through work so that is good. This is just one of those things that people do not want to think about.

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    1. Yes very true, it hard at first to think about death. I feel once you understand it going to happen weather you prepare for it or not. It should make it a little bit more easier.

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  18. I fortunately had to learn about life insurance at a young age as I joined the military and you were highly recommended to obtain one.

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    1. Want to say thank you for your serves to this country. Also glad that they gave you the information on how to get one.

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  19. Yup, these are important to have, just in case. We have them! I hope it'll be a long while before we have to use them though, obviously.

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    1. Yes, I don't wish no one will have to use them until a very long time. There is so much life to live.

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  20. Life insurance and last will are some important matters, which we should keep in mind. It will help our immediate family deal with problems related to our money and belongings.

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    1. Yes it will suck that you will have to deal with who get what and pays what during that time.

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  21. I agree, it is very important to have life insurance so you wont leave you family in a bind trying to figure out where they will get the funds from. We have life insurance but sad to say, we are part of that percentage that do not have a will. I will have start looking into writing one soon. Thank you for sharing.

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    1. I am glad that I can open your eye to something else to help your family. But don't be too hard on your self, you are ahead of the curve for most Americans lol.

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  22. This is such an important topic, so many people (myself included) don't think about the after you are gone side of things, but no will or insurance can make things hard on your loved ones.

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    1. Yes that is true. It make things hard for your loves one to be thinking about who will pay what and how it will get paid when all they supposed to be doing is worrying about you and their personal feeling for you.

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  23. Life insurance is the one thing I've been putting off. I really need to look into it more.

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    1. Now of days there is some many great places to look for life insurance. If time is an issue, please use that great tool in your hand (smart phone) to narrow down you search on who to pick.

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  24. I hadn't thought about organising life insurance before. I think this is a great topic to raise awareness about.

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    1. I am glad that I can be of some help. Hopefully you be able to share this with some friends and family.

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  25. It’s really important to have a proper plan and inform all our family members about it in case if something happens!
    -Simran Mishra

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    1. Yes very true. I think that might been one thing I left out of the post, was after you are done with everything you take time to notify the people that needs to know.

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  26. These are some very interesting things. I have to admit that I never thought about them!

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  27. I agree it is very important post and topic. I think calmly thinking about that will make lives of your family after you are gone so much easier.

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  28. Thanks for sharing all this vital information. Gotta read up more on this.

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    1. Yes, please do with that great tool (Smart phone)

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  29. Hundred percent agree! Inusurance are more affordable nowadays and there are options for everyone! So no excuse not to get one no matter what age.

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    1. Very true. It became more afford for everyone to gain this type of protection.

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  30. This important information I never thought about I’m 22 pretty don’t have any assets yet still living with my mom I’m going to take what you say and do some more reading and investigate my mom lol

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    1. Depending on how old your mother is you will probably want to get Life insurance for yourself as well.But you should def know if you mother have it or not.

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  31. I know I need to take care of this, but it's so easy to put it off. It's definitely not a fun thing to think about. Thanks for the tips.

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    1. Well there way to make it interesting. Think of what you want your funeral to be like. I want mine to look like a Viking funeral with R&B music playing.

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  32. Wow! You got it! I love reading your post, and the information you share with us are totally true!

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  33. This is really very helpful post in many aspects. Thanks for the post.

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  34. This post is packed with information. Thanks for sharing.

    ReplyDelete

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