Four tips to let your love live on

Four tips to let your love live on

Everyone wants to know that all of our hard work will go on to make it just a little easier for the ones that we leave behind.

We want to know that we not only made memories but also help bring peace, protection and stability to those we love or the businesses that we built.

There are many ways to pass on our wealth, through wills, trusts, gifts, etc. What many people don’t realize is that life insurance can be used to share resources with the ones we love.

Here are four suggested tips to help your love live on.

It’s for your loved ones – however you define them

You don’t have to be married or have children to provide for the ones you love.

As you think about life insurance, think about loved ones who depend on your income. 

Or, consider those that you would like to leave a special gift. This may include parents, grandparents, siblings, nieces/nephews, relatives with special needs, live-in partners or special friends.

Knowing the right amount of life insurance you should have can be challenging. Here are some starting points to finding out how much life insurance you need or a financial professional can also help you determine the life insurance amount you may need. 

As a gift for a child

A series of gifted premium payments to a permanent life insurance policy can provide grandchildren, nieces or nephews with additional education and financial opportunities.

The tax-deferred savings that accumulate within the policy can be accessed for various purposes including a college education, business opportunity, or a down payment on a home.

In addition, the cash value can also help supplement retirement income later in the child’s life. It’s the gift that keeps on giving.

To support your favorite causes

The gift of life insurance is an economical and tax-advantaged way to benefit your favorite charities using either an existing life insurance policy or a new policy.

For donations to qualify for a tax deduction, they must be made to a qualified charitable organization, or specifically, a 501(c)(3) organization. Generally, qualified charitable organizations include religious, scientific, literary, educational, government and veterans’ organizations.

Learn more about gifting life insurance to a charity of your choice.

Ensure that your business continues smoothly

Planning for the continuation of a business is important, especially a business with more than one owner.  It's also about caring for business partners you've worked hard to build the business with, and ensuring your business will continue to be there for your employees and customers who have grown to rely on the goods or services you provide.

Life insurance can be an important part of your business continuation plan allowing the partner(s) to buy out the other partner for a smooth transition. 

It’s an important part of your financial plan that can bring peace to both your family and your business partner(s), knowing that both will continue on.

Next steps

The people and things in our life that you care about most are worth protecting. Work with your financial professional to see how you can let your love live on for the ones you love.

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Insurance products issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Guarantees are based upon the claims-paying ability of the issuer. Product, product features and rider availability vary by state. Issuers not licensed to conduct business in NY. 

This provides general information that should not be construed as specific legal or tax advice nor the law of any particular state.  Please seek the advice of a qualified legal or tax professional for your specific situation.

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