When I was in college, I worked as an administrative assistant for several insurance agents at two different companies. I learned lots and got to wear cute office clothes and take the MARTA downtown. I felt grown up working alongside adults in a workplace with few women and fewer young women. I could have stayed there forever, working my way up the corporate ladder.

I saw the agents advise policies to their clients and sometimes later, I saw clients panic, out of control, regretting their decisions and desiring changes.

During a two-week stint working for an estate lawyer, I witnessed relatives lost and forlorn over the lack of insurance and benefits they expected to come to them to pay expenses for their deceased loved one.

My parents are big planners and they have everything organized and filed just in case. I am thankful they aren’t embarrassed or upset by planning important decisions involving finances and their eventual passing.

I am thankful for the benefits my husband and I have through his career with the Air Force. We were advised to purchase life insurance for our babies for them to retain when they come of age. We long to provide a financial legacy for our children as they begin their adult lives so they are wise and prepared.

We live in a region where our neighbors stockpile and are required to have a year’s supply of necessities in case of disaster. I agree in planning for tragedy. I know we’re in God’s hands and He will care for my children if something were to happen to my husband or to me. I love Psalm 39:4 and the ant verses in Proverbs 6.

I live with the hope that He will let me see my kids grow up and let me be the one caring for their needs, but we want to be as prepared as we can be. Just in case.

Do you have life insurance? What is life insurance for?

Common Uses of a Life Insurance Pay Off

In many cases, life insurance acts as a financial safety net for a family who has lost the breadwinner of the household. A life insurance pay off is dedicated to different things depending on the needs of a family. For instance, some families use life insurance money to pay off the mortgage on their home. Since the primary earner has passed away, the family chooses to pay off the home in order to feel more secure about their situation. By doing this, they also free themselves of a monthly mortgage payment. Here are some other common ways that people use the pay off on a life insurance policy.

Sometimes life insurance money is used to pay off school debt. A member of the family may have gone to college years ago and is still carrying his or her tuition debt. Paying off that debt means that the family can funnel those monthly loan payments into other parts of the budget. They may use the extra money for regular expenses or perhaps put it away in a savings account. Either way, family has a little more leeway with its finances once school debt is paid off. Someone who is interested in getting life insurance may want to check with an insurance agency in Atlanta.

A family may use the money to move to another city. They may feel that they need a change after the loss of a loved one. The life insurance money could go toward the down payment on a home or used to buy a house outright. A change of scene is something that many people appreciate after the loss of a family member. The life insurance pay off gives them a chance to start fresh in another location.

A life insurance pay off is sometimes put away in a child’s college savings account. If the child is very young, the money will help him or her to have enough for college tuition when the time comes. The money from the life insurance pay off can really help a family to get ahead on its college savings efforts.

Finally, some families use life insurance pay offs to purchase a new car. Perhaps the family has an older, unreliable car that needs a lot of repairs. They may buy a new one to avoid paying expensive repair bills. Getting a new car is a practical way to spend the pay off on a life insurance policy.

While we often put off the inevitable and don’t want to think of the future and it’s possibilities, there are important decisions that parents should make. Discuss estate planning with your family.

There are billboards on the expressways here that show a confused man and the text says: “Your In-Laws Are Not a Retirement Plan.” I LOL’ed the first time I saw one, but then it got me thinking. I think it packs a powerful message.