On a regular basis, people search for ways to show their love for family members. While flowers, candy, and jewelry are all great options, it’s very important to think about doing things today that will express love for those same people tomorrow, next year, and years down the road. Bob and Betty Kendra of Kendra Financial Group have suggestions for things people can do now to prepare and invest well to take care of loved ones well into the future.
One of the first items to take care of includes updating vital information. “It's very important that the addresses of beneficiaries are updated and reviewed at least once a year, and more often if necessary, because once the owner of the policy or investment passes away, it can't be changed,” explains Bob. Failing to keep information up to date may cause lengthy delays in getting benefits to loved ones once the policy or investment holder is gone, which causes unnecessary stress to loved ones.
Life insurance provides a way for people to pay off debt and replace income to family members, especially in cases of early and unexpected death. It is also a way to leave a gift to a spouse, child, grandchild, or a charity. “A lot of people think they have life insurance, but then they find out that theirs is going to expire because they have term life insurance, which is temporary,” explains Bob. “At the end of the specific time frame, which can be from ten to twenty years, the premium is going to increase in price, which is when most people cancel the policy. If they cancel the policy, then they don't have any life insurance. I make sure that if someone has term insurance, we upgrade some of it to a permanent policy to ensure that something is locked in for the rest of their life.”
Additionally, managing costs for extended periods of care provides great relief to family members when the time comes for prolonged care needs.
This month provides great incentive to take steps in providing a financially stable future for loved ones. For information on these and other options to consider, contact Bob or Betty Kendra at Kendra Financial Group, Agents of New York Life Insurance Company, at 706-364-1477. Their office is located at 4210 Columbia Road, Suite 4B, Martinez GA 30907. Kendra Financial Group, LLC is not owned or operated by New York Life or its affiliates.