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- Leaving a financial legacy for survivors
- April 15th, 2010 11:11 AM
The baby boomer generation has watched the recession cripple its retirement savings and financial assets, forcing many of them out of retirement and into low-paying jobs. Many Americans are now scrambling to create a savings plan that will allow them to provide for their families when they are gone.
Life insurance is one investment that will provide loved ones with the financial stability they may otherwise lack in the event of a spouse’s or parent’s death. Even a small investment may leave survivors with more income to support themselves than savings or Social Security alone.
“This is the simplest way to make something out of next to nothing,” AARP Financial president Mac Hisey tells Money Magazine.
Those with limited income may consider purchasing a second-to-die life insurance policy, which is typically less expensive than an individual policy. This joint policy covers both husband and wife and pays the beneficiary, usually children, when the second spouse dies, reports Money Magazine.
The recession has proven that anyone can fall under difficult financial times, severely jeopardizing their assets. Life insurance provides a sense of relief to policyholders that they will be able to leave something behind to their survivors.
This article was originally published by Life Quotes, Inc.
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