4 Tips for End-of-Life Planning January 31, 2022 Whether you practice healthy eating habits or exercise daily, it’s important to do end-of-life planning to help ensure that you receive the care needed and can allocate assets to your loved ones. Unsure of where to begin? Here are our top four tips to consider when creating an end-of-life plan: Gather Important Documents A good first step is to gather all your important documents and paperwork. For example: Social Security card Birth certificate Power of attorney Bills and bank statements Insurance policies Note that when you’re not accessing these documents, it could be good to ensure they are stored in a safe place, like a fireproof safe or safety deposit box. Remember to let your executor or a family member know where and how to access these documents in case of an emergency. Determine End-of-Life Care Two of the most crucial aspects of end-of-life planning is determining what care you plan to receive and identifying who will be helping you along the way. For instance, if you’re unable to make decisions for yourself, the person you identify in an advance directive can choose the course of treatment you receive. Creating an advance directive is one way to ensure your family knows what your wishes are. A health care provider can help with this process and can answer any questions you may have. Consult an Estate Lawyer End-of-life planning can be an overwhelming process, and important decisions could be overlooked. Consider consulting an estate lawyer as they can help with the following documents: Living Will Last Will and Testament Living Trust Letter of Intent Financial Power of Attorney Health Care Power of Attorney Letter of Competency Organ Donor Card Do Not Resuscitate Order HIPAA Release Ensuring these documents are prepared can provide peace of mind and may even reduce stress for your family during a difficult time. Decide on a Life Insurance Policy If you haven’t already, consider purchasing a life insurance policy and designate your beneficiaries. Life Insurance policies could help your family continue to pay bills and other expenses after you pass. Oklahoma Farm Bureau Insurance offers three types of Life Insurance policies: Term Life Whole Life Universal Life Term Life Term Life policies can protect your family or business for a set amount of time, or a set “term.” Once the determined term ends, so does the coverage. Learn more about Term Life Insurance. Whole Life Whole life policies insures an individual for their entire life. It offers financial protection for your loved ones and gives them access to an accumulated cash value that was determined with your insurance provider. Learn more about Whole Life Insurance. Universal Life Life is full of unknowns, so you may prefer a plan with some flexibility. Universal Life is similar to a Whole Life insurance policy, but it allows you to adjust elements in your policy along the way, like premium payments and death benefits. End-of-life planning is all about ensuring that your loved ones are protected. If you want to make changes to your existing policy, or are thinking about purchasing a plan, contact your local OKFB agent to discuss your options. Our life insurance calculator is also a great tool to help you understand the amount of coverage that’s right for you.