It is said that a good man leaves an inheritance for his children and for his children’s children. But sadly, there are some fathers who fail to leave a legacy for their children because they fail to look ahead and to put plans in place to ensure that their children and grandchildren will be in a better financial position than they may ever be in. It is every good father’s desire to be able to not only be a good provider for his children while he is alive, but to give them a financial advantage in life once they are no longer around. Arguably, one of the best ways for a father to leave a legacy for his children is through estate planning which incorporates life insurance.
It is a myth that only the wealthy need to do estate planning. The truth is that once you own any type of property, you should deliberately make plans for how that property will be distributed after you pass on. Otherwise, those decisions will be left up to chance and what a father may have intended to be passed on to his children may fall into the wrong hands. Oftentimes, it is the government that would decide how that property would be distributed.
A responsible father should ensure that his children will benefit from those things that were previously owned by him. A father can leave a
legacy through life insurance. The proceeds of a life insurance policy are likely to far exceed any amount of savings that a father could possibly set aside even over his lifetime. Naming his children as beneficiaries means that any life insurance proceeds will be passed on to them or to a guardian if the children are minors at his time of death.