We all want to do what’s best for our families. And when that family begins to grow through grandchildren and other new family members, many people begin to question how they’ll be able to support the people they love in the future years to come. No one likes the idea of planning for their death. But in a world where living costs can rise significantly and mortgage payments are high, it’s only natural that you should consider the options available to you in order to protect your family.
But which form of financial support will work best for you? And will it also be beneficial for your loved ones? To help get you on the right path, here are some of the most common ways you can continue to support your family after you’ve passed away.
Life Insurance
Many people think that after a certain age, they won’t be able to take out a life insurance policy. However, you can get life insurance for the over 70s with several insurers these days, and the benefits a life insurance policy offers your family can be a huge source of comfort and support for them in the event of your death.
Life insurance can help to support your loved ones with living costs, mortgage payments, and even higher education fees in the future. And if you’ve provided that nest egg for your children or grandchildren, they’ll have the opportunity to achieve their goals and not go into extreme debt.
ISAs
ISAs can be a great way of contributing to someone’s savings, completely tax-free. Most standard ISAs offer a tax-free limit of up to £20,000 per year, and there are even Junior ISAs (Junior ISA limits are £9,000 per year) that many grandparents love to add funds to.
Even after you’re gone, these ISA contributions can be extremely helpful to your children, or as a wonderful way to help a grandchild when they turn 18 and can access the funds you’ve left for them.
Funeral Costs
Many life insurance policies provide some form of coverage to help pay for funeral costs. And whether you decide to take out a policy, set up an ISA, or leave a specified amount to your loved ones in a will, funeral costs can quickly rise.
Your family is always going to want to give you the best send-off possible, even if it means potentially going into debt or spending all of their savings. Leaving them the funds to pay for the funeral can really help them during such an emotionally difficult time.
Final Thoughts
Considering life for your loved ones after you’re gone isn’t always a fun prospect. But if you focus on ensuring that they’ll be looked after, fully supported, and financially comfortable when you pass away, you’ll be able to better enjoy your remaining years.
With the future more secure, all that’s left for you to do is appreciate your family, spend quality time together, and make every moment count.
