Life Insurance-What does it mean for you?

Through our insurance planning practice, we have the benefit of learning what life insurance means for each of our clients, and we are amazed at the excellent vision our clients have when it comes to planning their financial life and the eagerness they have in learning how insurance products and strategies can help them get there.

It’s common to have clients looking for death benefit coverage to protect their family, in the case of their untimely death, but some clients are looking at life insurance as an opportunity to create an estate to pass on to their heirs. Beneficiaries receive life insurance proceeds tax free and so the idea of buying and holding on to a life insurance policy for your whole life, gives the client an opportunity to pass wealth in the form of life insurance proceeds to children and/or grandchildren, giving them a leg up and an opportunity to get ahead in life. This can be done with various types of cash value life insurance such as whole life insurance, guaranteed universal life, and traditional universal life contracts.

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This same type of strategy works well for people looking to make a difference with a charitable donation. People have the opportunity to make their favorite charity the beneficiary of their life insurance policy, which would make a massive difference in the lives of many. We all have to decide what our legacy will be and whether or not we will leave the world a better place. Life Insurance gives people the opportunity to make a real difference in the lives of others.