Building a Secure Financial Future One Piece at a Time
Securing life insurance is one of the most important steps you can take to help protect your financial future. But it’s only one piece of the puzzle.
To truly prepare for the future, it’s essential to have other key documents in place, including a will, power of attorney, and healthcare directives. Together, they help ensure your wishes are carried out and your loved ones are taken care of.
Every Piece Matters
Here’s how each piece fits into your comprehensive plan:
Life Insurance: Financial Support When It’s Needed Most
Life insurance provides a safety net for your loved ones when you are no longer there. It can help replace lost income, cover debts, pay for funeral costs, and meet ongoing living expenses.
For primary earners or those with significant financial obligations, life insurance is critical to ensuring your family can maintain their standard of living without added financial strain. Without this support, your loved ones may struggle to meet important financial needs, potentially relying on savings or taking on debt during an already difficult time.
Wills: Distributing Your Assets
A will is a cornerstone of estate planning, providing a clear roadmap to ensure your assets are distributed according to your wishes after your death. It also allows you to designate guardians for your children and outline other important instructions.
By having a will in place, you can also help prevent disputes among loved ones and streamline the legal process. Without one, your estate is subject to intestate succession, where state laws dictate how your assets are divided. This can lead to delays, additional legal fees, and outcomes that may not align with your wishes.
Power of Attorney (POA): Managing Your Affairs
A power of attorney (POA) allows you to appoint someone you trust to manage your financial, legal, or healthcare decisions if you are unable to do so yourself.
This appointment helps ensure that your affairs are managed smoothly and handled according to your preferences, whether it’s paying bills, managing investments, or making critical healthcare choices.
Without a POA, no one has the legal authority to act on your behalf, which may force your family to navigate costly and time-consuming court proceedings to gain control. This delay could make it difficult to address time-sensitive financial or medical matters.
Healthcare Directives: Ensuring Your Medical Wishes Are Honored
Healthcare directives communicate your medical preferences when you’re unable to speak for yourself. These might include instructions about life-sustaining treatments, organ donation, or palliative care.
By clearly documenting your wishes, you can remove the burden of decision-making from your family during emotional times and ensure that your preferences are respected.
Without healthcare directives, these decisions may fall to your next of kin, who may not know your exact wishes or face disagreements with other family members. This lack of clarity can lead to unnecessary stress and outcomes that don’t align with your wishes.
Need help putting the pieces together?
The AVMA LIFE Trust offers access to LawAssure,1 an online service designed to help you create legal documents with ease! This no-cost, value-added service is available to AVMA insured members and spouses/dependent partners with Family Group Life, Level Term Life, or 45+ Term Life Advanced insurance through the AVMA LIFE Trust. Prepare customized wills, assign power of attorney, and establish healthcare directives—all from the comfort of your own home. Plus, you can securely store your documents online, ensuring they are safe and accessible even if disaster strikes.
To learn about life insurance2 available through AVMA LIFE Trust exclusively for AVMA members, click here.
If you already have life insurance through AVMA LIFE and want to find out more about LawAssure, visit the website. If you have not yet registered, please give us a call at (800) 621-6360 for registration information.
1AVMA Administrative Services, LLC, has a sponsored marketing relationship with Epoq, Inc., to offer document preparation services. Neither New York Life Insurance Company, its subsidiaries, partners, the AVMA LIFE Trust, or plan administrator provides financial, tax, or legal advice. This service is provided exclusively by LawAssure, who is the sole party responsible for the preparation of these documents. Please consult your legal, tax and/or financial professional if you have any questions.
2Including coverage features, costs, eligibility, renewability, exclusions, and limitations. Underwritten by New York Life Insurance Company, NY NY 10010 on group policy form GMR.
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