There are three major real-life ways to use life insurance policy funds to continue thriving, in case the Insurer unexpectedly dies.
1) Pay your spouse to go back to school: If you were to disappear tomorrow, how would your spouse and children cope after the final costs and debts are paid? Would your spouse need to get another extra job or a more lucrative job? People often talk about taking their children’s college costs into consideration when it comes to insurance policy. But what about your surviving spouse? Will he or she go back to school in order to help them earn a higher-paying job? If so, you may want to keep this in mind when it comes to selecting your policy.
2) Starting An Online Business: Your surviving spouse may want to bring an extra income to supplement the salary. Today it’s easier than ever to start an online business (especially women), and if a spouse is technically savvy, you can start to build a website in WordPress for less than $ 100 , in addition with the yearly cost of a domain and annual basic hosting, one could easily start a business online for less than $300.
3) Create and sell physical products: If your spouse wants to transfer computer screen and be more focus, they still have the opportunity to create a new physical product or a company. With the rise of crowdsourcing, your spouse can generates funds through crowdsourcing which will be intended to finance the business. What’s more, is when a company is not limited to your spouse, your kids as well, can use this money to fund their dreams, or your spouse and children can make it a family business.
A real-life example of a woman who used her legacy to invest in a dream is Christina Conrad , who created a sports bra that has the added functionality of a purse. Instead of her using the money her deceased father left her to attend graduate school, she funded her business with a Kick starter campaign and used the money she received from her father for living expenses.