How Do You Leave a Financial Legacy for Your Family?

A legacy often seems to imply something grand, like a charitable foundation or our name on an important public building. But for most of us, our legacy will be small, intimate, and priceless to those we love.

When I think of a legacy, I think of the intangible things that my parents left me. It’s the small, personal things, like how I sound like my mom when I say “hello”; how my brother looks more like my dad with every passing day; and how my sisters have my mom’s calm demeanour.

Life insurance as a legacy: protecting your family in the event of untimely death.

My parents taught me the value of hard work with the way they lived and the decisions they made. They moved to a new country for better opportunities and though they didn’t know about insurance when they first arrived in Canada, they were concerned about their family should something happen to either of them.  A financial advisor gave them life insurance options to address that need to provide for my siblings and I in the event of their death.

My parents’ reason for holding a life insurance policy was to help their loved ones and protect us not only from the loss of their income, but the loss of lifestyle and financial security in the event of their untimely passing. This is the primary reason why anyone would hold an insurance policy or other investment with a death benefit: You have the privilege to create a layer of protection for those you love.

Their forethought and future planning made a difference in our lives that carries on to this day. The proceeds of their insurance policy were important to building our futures, and we remember the sacrifices they made to make that possible. That is one part of their legacy to us.

Life insurance options tailored to your needs?

Think of the essential people in your life; the people that you love the most. With Mother’s Day approaching this Sunday, our families and children are forefront in our minds! Protecting them and their future can be as simple as a life insurance policy or as complex as a family trust. There are different options to implement your financial legacy, no matter what your economic means are.

If you live in British Columbia and have a question about this or other financial matters, you can always connect directly with me via email. Otherwise, feel free to leave your investment questions in the comments below!

This content was prepared by Taayla Mark, a Certified Financial Planner with Engrace Financial Solutions Inc. This information has been obtained from sources we believe are reliable, but is not guaranteed and may be incomplete.

Please note the information contained herein is not tailored to any one individual and is general in nature. For specific recommendations, please consult directly with Taayla Mark.