November is Financial Literacy Month. The goal is to raise awareness of the importance financial literacy; the ability to understand how to earn, spend, save, manage, and invest money. Financial literacy is an important life skill that sadly many individuals don’t feel proficient in. Part of improving your financial literacy can simply be getting advice or help from qualified professionals to help educate you and guide you. This will help reduce the stress and anxiety of dealing with your personal finances.
One of the essential parts of financial and estate planning is life insurance. Life insurance can have numerous functions depending on the type of coverage you choose. The death benefit provides a tax-free lump sum of money to your loved ones. This can help protect your family financially in the event of your death. Life insurance can also be used to protect and preserve the wealth and assets (like vacation properties) you have earned. As well, it can act as an investment tool to provide you a return after certain period. Accumulated savings in specific life insurance products can be sheltered from tax if they form part of the death benefit or tax deferred if withdrawn prior to death within government limits.
Protecting yourself and your family sooner than later is important for so many reasons. Reach out to a licensed advisor today to discuss your individual situation and find the right solution for you and your needs.