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Life insurance policies part of a family's long-term planning needs

Posted On Tue, September 1, 2009

Investing in a life insurance policy is just one of many steps that people are advised to take as they try to set up their family's financial security for the longer term.

Writing in Wisconsin's Sheboygan Press newspaper, columnist Ken King says that people with aging parents can prepare for the inevitable by being sure that matters such as a will and power of attorney are resolved.

When it comes to power of attorney, King notes that there are separate considerations for healthcare decisions and financial matters. He also suggests keeping up to date on beneficiary designations for life insurance policies and keeping a list of personal financial assets, accounts and investments in one place.

Even those who do not have aging parents can get started on their family's long-term financial stability with a good insurance policy. According to the Insurance Information Institute, life insurance policies can do more than provide for one's family.

With life insurance, consumers can also pay off any estate taxes that might be applicable, and there may also be the option of leaving behind charitable contributions or allowing family members to have a long-term savings option.

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