As parents, you don’t have a choice when it comes to leaving a legacy. Like taxes and death, legacy is also a fact of life. The way people, more importantly, your children and grandchildren remember you will become your legacy.
However, you can choose the kind of legacy you leave. You may want to leave behind a much better world than you had for your children. You may want to leave behind a mission for life, or a pool of wealth.
But like anything great in life, a great legacy will need planning and clarity of vision. You can define your legacy for your family, and work towards it. You can even ensure this legacy with the help of a term insurance plan.
What is a Legacy?
Legacy is made up of different aspects of life mixed in different ratios. The aspects, while common, are usually mixed in unique quantities for everyone. These three major aspects are as follows in the order of their value in life:
- Goals and Vision
Hardest to achieve, but can redefine the existence for many generations to come. Few examples could be a successful business enterprise, charity foundation, any other service to the public.
This is rather common, however, may not stand very favourably all by itself. Add this with life’s vision or wealth, and suddenly memories gain a lot more value for the next generations.
- Wealth or Estate
Easiest to acquire, hardest to hold, yet, the most practical gift of all for the next generations. However, without the first two, this may just be like the gain from lottery winning. This is also that part of your legacy which is important and may need a long-standing plan.
Why Start Now?
Like any other great things, a great legacy is not just an accidental find, it is a long-held and meticulously followed plan. All of this requires time, and since you don’t know what will happen next, it’s better to start early.
Whether you plan to leave a life-changing goal, memories or wealth, you cannot expect any of this to popup at your deathbed.
Plus there are other reasons for you to start early. We would cover the aspect of wealth as a legacy and how you can ensure that you can leave one. However, other legacies need to become your life.
Ideally, it should have been your life already. However, as they say, the best time was 10 years ago, the second-best time is now.
How To Ensure Legacy of Wealth?
One way is to save and invest in a wealth goal. Once you have achieved the corpus you aimed for you to preserve it until the next generation is ready. However, at the beginning of your career, it’s difficult to imagine and even spare money towards a goal which is so far-fetched.
But, if you can achieve your wealth legacy as a complementary goal, it’ll not only be easy but you may not even need a separate plan. This is possible with the help of whole life term insurance plans like iSelect Smart360 Term Plan from Canara HSBC Oriental Bank of Commerce Life Insurance.
What is Whole Life Term Insurance Plan?
A whole life term plan is a term plan with longer than the usual tenure of cover and provides all the benefits of a term insurance plan.
For example, the whole life option of iSelect Smart360 Term Plan continues to provide life cover to you till the age of 99. Meaning, the pay-out for the death benefit is almost certain.
Pay Till 60
Also, the iSelect Smart360 Term Plan gives you the option to pay all the premiums within your working years. Thus, if you purchase the whole life option of iSelect Smart360 Term Plan at the age of 30, you can pay all the premiums till the age of 60. This option is available as pay till 60 under the plan.
Joint Life Cover Option
When you are planning to leave a legacy for your children or grandchildren, why leave your spouse out of this plan. You can make her a part of your legacy plan by adding her to the same cover, even if she does not have a direct income.
Return of Premiums
The whole life option of iSelect Smart360 Term Plan creates your legacy almost free of cost. You will receive all the premiums you have paid till the age of 60 back if you survive the term. However, the policy will continue without any extra premium needs.
Regular Income Pay-Out Option
You can also add a unique way to pay the legacy amount at zero additional cost. Select a part of the benefit amount to be paid as a regular monthly income. Generally, estate planners would ask you to create a trust and allocate the benefit money to it for a regular income to your nominees.
However, this whole life term plan takes away the need to undertake this complex process and simply provide a safe monthly income.
Other Benefits with iSelect Smart360 Term Plan
iSelect Star is a term life insurance, and thus offers more than the option to leave a legacy for the next generations. The plan also covers you for several life-threatening illnesses, like cancer, heart attack, renal failure, etc. while you are alive.
This critical health cover is an inbuilt feature of the plan. The final benefit pay-out may happen upon the diagnosis of any of these diseases in the applicable stage of progress.
Thus, the iSelect Smart360 Term Plan plan not only gives you the opportunity to fulfil your legacy goals but also provides for the basic safety needs of your family too.