Leaving a stamp on the world isn’t only for the supremely wealthy.
At this point, most of us have already heard that a few wealthy moguls made their ascent into space in July of 2021, being the first group of civilians to travel to the stars. While that is quite a legacy to leave, most of us won’t be donning new moon boots for intergalactic travel. The good news is you don’t have to have billions in the bank to leave a legacy; it can actually be done through your life insurance benefit. Yep, that’s right, you can cultivate your own set of dreams and, through your beneficiary, fulfill those dreams to leave your mark after you’re gone. And while it doesn’t have to be as epic as space travel, it’s pretty cool that you can provide a legacy that will be supportive of your community, your charity of choice, or simply taking care of the ones you love.
Luckily, at Wyshbox, we understand that having coverage goes beyond paying back your lenders. Our Wysh Builder tool allows you to set your adventurous and out-of-the-box financial dreams and goals that your loved ones can bring into fruition, as well as indicating to the beneficiary if there is outstanding debt so they could use the death benefit to pay it off.
The Wyshbox Blog
- What life insurance traditionally covers
- What else can life insurance cover?
- How does Wyshbox bring your dreams to life?
What life insurance traditionally covers
Historically speaking, people got life insurance because they wanted to make sure their loved ones, aka beneficiaries, were taken care of after they were gone. Having outstanding debt can become a huge burden for a grieving family, so having money available to cover these bills can alleviate some financial concerns.
Most of the time, a policyholder’s main sources of debt or bills come from things like property, cars, and credit cards.
Mortgage: Unless you’re flushed with cash, most houses or apartments aren’t paid off right away. Your beneficiary would be able to use the payout to continue to make home payments if you were to die unexpectedly.
Car payments: It’s important to keep up with your automobile bills, so no one comes to repossess your ride. Even when no payments have lapsed, the death benefit can help keep up with car payments and insurance.
Credit cards: If you incur a big bill on your card, and you died before it was paid off, your beneficiary would be able to use the payout from your life insurance to cover it.
Funeral expenses: Burying someone can become very pricey, so having money available to use for your end-of-life expenses could be essential.
While some debt can be dismissed upon death, it can come down to where you live. If you live in a community property state, a spouse is responsible for any debt acquired during the marriage, no matter who’s name is on the statement. Even if you don’t live in one of these states, if you want your family to keep living in your home and driving your car, they need to be able to keep up with payments.
What else can life insurance cover?
We know that life insurance is available for your loved ones to cover debt in the case of your untimely demise. But your payout can also be used to fulfill other after-life dreams that are special (and even fun) to you, through a legacy. Legacies are a way for you to leave your mark on the world and contribute something of lasting value.
Whether it’s contributions to an organization that means something to you or simply doing something special for someone you love, it’s an opportunity to be remembered in a positive way. And you don’t necessarily have to be married with kids to be remembered through a legacy. If you’re in your twenties, you can get life insurance to not only protect your family but to also leave a lasting legacy of your own.
Charity: Your loved one can designate money for a charity and give a donation to a museum, a community center, an arts program, or a church.
Pay for a wedding: Want to give your child or a friend the nuptials of their dreams? You can set money aside your beneficiary can put towards their wedding.
College prep: Whether it’s school loans, university tuition, or a scholarship in your name, your family member can use the benefit money towards someone’s education.
Have a street named after you: If you love your city or town, they can keep your memory alive by designating a street in your name.
Create a park in your town: Your beneficiary can work with community leaders to create a green space for everyone to enjoy.
Pamper your pet: Want to make sure that the Notorious D.O.G and Cat-arina Purrera live a comfortable life? Your beneficiaries can use some of the life insurance payout to make sure your pets are well taken care of. Double down by donating funds to an organization that protects animals.
How does Wyshbox bring your dreams to life?
You may be thinking, “how can I possibly pay off my debt and leave a lasting legacy”? It is possible with Wyshbox because we have the tools and resources to help you build a plan that’s tailored to your specific needs and wants. Wyshbox always puts people first, so you can rest assured that you can be financially responsible and also leave a legacy that is personalized. We made sure to provide a seamless digital experience in addition to amazing customer support.
Our Wysh Builder tool allows you to calculate the coverage you need and curate your membership with Wyshes, aka your after-life financial goals. Besides taking care of the ones you love, you can add whatever legacy you’d like and our amazing customer support team, aka our Wysh Granters, can help make those dreams into reality. Once a policyholder dies and a claim is processed and approved, Wysh Granters look at all the Wyshes you set when you built your plan. They discuss your legacy goals with your beneficiary and help them work with the different organizations and businesses that could help make these dreams a reality. Whether it’s donating money to the Central Park Conservancy, funding a new restaurant for your dad, or buying brunch every Saturday afternoon for your friends, Wysh Granters will help make that happen.
Also, you actually can travel outside of Earth’s atmosphere since one of our favorite Wyshes is being able to shoot your ashes into space!