Estate And Legacy Planning
Are you aware of the distinct advantages that life insurance provides for estate and legacy planning? Although often thought of as coverage for families, life insurance can have significant implications for more than just those with children. In fact, it is not uncommon for a life insurance policy to be integrated into almost every estate as a source of support. Offering tax-free proceeds for beneficiaries and the opportunity to leave a legacy, life insurance can be leveraged as a tool to help you do the most you can with the assets you’re planning to pass along.
Why Life Insurance?
This is a common question for many people who are in the process of estate and legacy planning. After all, you’ve put in a lot of work over the years, what would life insurance have to offer that you have not already put in place? The following are a few areas to consider:
Provide for family – Whether you would like to leave money for your grandchild’s future college education or perhaps even provide financial assistance for a disabled child or spouse, life insurance can help you achieve those goals. Offering guaranteed protection and flexible coverage options, life insurance is a great tool for giving the gift of support to your family when you are no longer able to do so.
Give to charity – Is there a specific cause or charity that you’re passionate about? If so, you can leverage a life insurance policy to provide tax-free donations of cash or property to the charity of your choice. Whether you would like to name a charity as beneficiary, gift policy dividends, or leverage your policy for charitable donations, life insurance is an effective tool to carry on your legacy in a meaningful way.
Tax advantages – One of the most common reasons that life insurance is a popular choice for estate planning is the flexible tax advantages that it brings. For example, certain types of life insurance are ideal for wealth transfer and distribution. Rather than losing money during this transfer, a beneficiary is able to receive a benefit that is often larger than the original payment, and in some cases, benefits are qualified as non-includible in gross income.
These are just a few of the ways that you can leverage life insurance to your advantage. Depending upon your individual goals and desires, there are countless ways that life insurance can be used to achieve them.
The Next Step
Now that you have a better idea of what a life insurance policy could be used for, you may be wondering what move to make next. Begin exploring your options today to determine the optimal coverage to suit your specific needs. Finding a plan to best fit your personal situation may be easier than you think.
Take the first step towards better coverage now with our FREE Term Life Quote Calculator. You’ll only need your zip code to get started. Or, simply Contact A Term Life Insurance Advisor and we’ll be happy to answer any coverage related questions you may have. Day or night, the Term Life team will be standing by, start preparing for your estate and future legacy today.