American author Chuck Palahniuk is probably best known for writing Fight Club, but the man also gave some good quotage. One being, “We all die. The goal isn’t to live forever, but to leave something behind that will.” In short, creating a lasting legacy is important and, to us, this means investing in life insurance to ensure the financial future of our loved ones.

But First, What Is Life Insurance?

Life insurance is an important tool when it comes to creating a financial safety net for your family, even if you’re not around to take care of them yourself. As an example, if you have a life insurance policy with MiWayLife, it will pay a lump sum cover amount to your nominated beneficiaries in the event of your passing due to illness or accident. This cover amount will grow by 5% each year, to help you keep up with inflation.

How Can Life Insurance Help You Create A Legacy?

If you have people that rely on you financially, be it your spouse, children or even your parents, you’ll know it’s a lot of responsibility. While you’re young and healthy, you can work hard to make sure they’re taken care of – but there’s no guarantee you’ll be around forever. This is where life insurance comes in. It’s a way of making sure that, even in the event of your passing, your family is still able to thrive – all thanks to a smart financial decision you can make today.

How Life Insurance Can Help Your Loved Ones

If you pass away unexpectedly, your life insurance policy can help to pay for immediate expenses, such as funeral costs and outstanding debt. This will go a long way towards helping your family in an already difficult time.

There are long-term benefits too. If you have adequate cover, you can give your children the gift of education, allowing them to pursue their dreams and make you proud. This way, your legacy will live on through their ambitions.

How Life Insurance Can Support Your Favourite Causes

Another way you can create a legacy using life insurance is to support a cause that’s important to you by naming a charity or organisation as one of your beneficiaries. This way, you could create a scholarship in your name or simply help your favourite animal shelter continue its good work in the future. Ultimately, the choice is yours when it comes to how you want to split your payout and including a charity is a great way to leave a lasting impact on the world and make a difference in the lives of others.

The Bottom Line

No matter how you choose to use it, life insurance can be a powerful tool for creating a lasting legacy. By planning ahead, you can ensure that your life insurance will help to make a difference in the lives of those you love as well as the causes you care about.