Everyone needs a will and most need insurance. A will is a legal document that shows how you want your belongings to be distributed after your death. It is important for every adult to have a will, so your things go where you want them to. This can be family members or charities. A simple will can be perfect for a younger adult, while a trust may be more appropriate for a wealthy older person. Insurance is important to have as well. Other than the typical health and auto insurance, other potential insurances include term life insurance and identity theft insurance.
Wills
At the very least, purchase a simple will online. It doesn’t take very long and isn’t that expensive. I’ve used Mamma Bear Legal Forms. They can get you set up with a will for about $160. If you need something a little more complex, then talking to an estate planning lawyer would be the best bet. They will be able to help you make the best decision for you.
Insurance
The idea with insurance is that it will help you when life hits. For most things, insurance makes sense to have. When it comes to life insurance, never get whole life. The reason being is that in a whole life policy, you give the whole life company money, and they invest that and get 10% interest on your money. Then they give you the guaranteed 5% during your retirement years and keep the other 5% of your money. Why not just cut the middleman out and invest your money on your own and get 10% from the start?
If you have dependents like a spouse or kids, then you should get term life insurance. A million-dollar policy can range from $30-$200 a month depending on age and term length. The idea with term life is that you will be self-insured by the time the term is up. Meaning you will be financially secure, that your wealth will take care of your dependents if you pass away. You can shop around at different life insurance companies to get the right coverage for you.
Identity theft protection is becoming more and more popular. There are so many scams out there and people trying to get your hard-earned money. Getting a simple ID theft protection plan like through Zander insurance can help protect you in case something happens. The basic plan costs about $75 a year and they monitor your social, bank accounts, and make sure that no one is making unauthorized purchases.