Lisa Marie Presley, daughter of the late King of Rock and Roll, Elvis Presley, had three life insurance policies worth more than $30 million. Despite her sizable fortune — which includes other investments such as real estate properties — Presley placed a great deal of importance on having an additional layer of protection for herself and her family.
Andrea Piacquadio/Pexels | having multiple large policy payouts like Lisa Marie did certainly adds another layer of protection for yourself and your loved ones
What Is Life Insurance Good For?
Life insurance is a contract between a policyholder and an insurance provider that provides financial protection to the beneficiary upon the insured individual’s death. While it may not be feasible for everyone to obtain such a high amount of life insurance coverage, it is important for everyone to determine how much life insurance they need in order to provide their loved ones with enough money after their passing.
Lisa’s Life Insurances
By having three separate policies worth over $30 million, Lisa Marie Presley was prepared for any unexpected occurrences that might have put her family’s future financial security at risk. It is not known who the beneficiaries are of these policies; however, it can be assumed that they are in some way related to Lisa Marie. Even in death, she would have been able to provide peace of mind concerning future financial stability for herself and those close to her.
The significance behind this move by Lisa Marie cannot be understated — it serves as a reminder that we all should consider our own well-being when planning ahead financially. Just as Elvis famously said “Take care of business” during one of his concerts, Lisa Marie took this advice seriously when it came to protecting her family’s future with multiple life insurance policies.
Kindel Media/Pexels | Life insurance is a critical safety net for families, providing them with the financial resources necessary to stay afloat in the event of a major catastrophe
Investing in life insurance doesn’t just provide financial security after your passing — it can also help you plan for retirement by locking in premiums at today’s rates and providing guaranteed income later on down the line. Policyholders also enjoy tax advantages from most types of life insurance policies since most proceeds are not considered part of your taxable income.
For those looking to maximize their coverage without breaking the bank too much–there are options for cheaper term-life policies that can still offer substantial coverage depending on how much you wish to invest into them–making them potentially more attractive than investing directly into stocks or mutual funds due to their lower risks associated with them.
lisampresley/Instagram | Lisa Marie Presley had three life insurance policies worth more than $30 million
Conclusion
Though people will often look to celebrities like Lisa Marie Presley as examples when considering how they should manage their finances, there is no one size fits all solution when it comes to determining how much coverage you need from life insurance products or what kind you should purchase.
It ultimately comes down to individual preferences and specific needs. Having multiple large policy payouts like Lisa Marie certainly does add another layer of protection for yourself and your loved ones if something were to happen unexpectedly.
