By Roy Whited
Governor Kasich and Lieutenant Governor Taylor encourage Ohioans to consider life insurance to protect family and loved ones. In this news release Governor Kasich and Lieutenant Governor and Insurance Director Mary Taylor are reminding Ohioans about the importance of taking steps to financially protect their loved ones if an unfortunate life event were to occur. They have designated September life insurance month in Ohio through a resolution. The release points out the importance of life insurance life-stage considerations. Including, young singles, young families, established families, seniors, single parents, military and raising grandchildren.
For Seniors, the release says. “Now is a good time to re-evaluate your life insurance to determine whether you still need as much coverage when you had a younger family and larger mortgage principle. If you are covered through your job and are planning to retire soon, inquire about converting it to an individual policy.”
For those raising grandchildren: It is generally not a good idea to leave a life insurance benefit directly to a minor child. Make sure the policy names a contingent beneficiary or a trustee who will act as a beneficiary on behalf of the child. Otherwise the life insurance benefit may not be accessible to the child until the issue is processed through court. You may want to set up a family trust with your selected trustee in charge.
The advice to seniors to re-evaluate their life insurance needs and the advise to those raising grandchildren is certainly good advice. However, why not take it one step further and have the insurance owned by a trust that can protect the insurance benefits and the cash value of the insurance from being lost to a long term nursing home stay.
Most people that I talk to are not aware that their cash value and death benefits can be lost to a nursing home spend down. Call Cooper, Adel & Associates today to schedule a free one hour consultation to learn how to use a trust to protect these benefits from being lost. 1-800-798-5297.
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