Preparing for the Event of Your Own Death

• You can also use life insurance to give those who survive you a choice about their future. Likewise, you can use mortgage insurance to pay off the loan on your home, so that they can continue to live there.
• Your life insurance will also set aside enough money that your final expenses and funeral will be paid for. This will keep your family from having to make these types of decisions, at such a painful time for them.

Making a will is an important part of determining what will happen after you die. It will determine how your assets will be distributed, after your death. Planning your estate and writing a will can meaningfully let your family know what you want done with your assets. If you die without a will, the state may decide who gets your estate, and you can avoid this by clearly stating your preferences in a will. Your will gives you a chance to remember your family, close friends and organizations that you would like to receive part of your estate.

Your family will be taken care of if you have a will and enough life insurance to let them continue on without you, after you are gone. Your family will need money after you have passed, especially if you have children who want to attend college. Your life insurance should also take care of your family by supplying the money they need to live day to day in the way they are accustomed to living.

• Making funeral arrangements is a caring way to keep your family from having to make these decisions, when you have died.
• You can even pre-pay your funeral expenses, so your family won't be tasked with those bills.
• When you make your funeral arrangements in advance, you can usually lock in a price if you pre-pay, as well.

Your life insurance may cover critical illnesses or terminal illnesses by allowing for the funds to be released when those are diagnosed. You may pay a stipulated dollar amount for this release. Your insurance is primarily designed to give money to your family upon your death. You can have peace of mind if you know your family will be well taken care of.

Life insurance policies sometimes have double indemnity, if you die as the result of an accident. This will double the monies your family will receive when you die. Some insurance companies may allow you to buy a plan that will pay triple the face value of your policy, if your death is an accident.

Most insurance policies are reluctant to pay out your policy amount to your family, if the cause of your death was determined to have been a suicide. However, this may only apply to the first two years of the policy, and after that, the company will pay. You can ask your insurance broker about any particular company's method of dealing with suicide, but, understandably, this would need to be done as discreetly as possible.