Life insurance offers peace of mind as it relates to the equitable distribution of assets to heirs; providing ready funds to pay estate taxes and settlement costs without the delay and costs of probate; and by furnishing a significant increased cash death benefit to beneficiaries.
Life products offer specialized options to help protect and manage your estate.
- Term Life Insurance is relatively inexpensive and provides a tax-free death benefit to your beneficiaries with coverage for a fixed period of years (5, 10, 15, 20 and 30) depending on your age at the time of purchase. Term life does not accumulate cash value.
- Final Expense or Simplified Issue Whole Life Insurance helps pay for final expenses upon death. These plans usually provide up to $25,000 to $30,000 in benefits and often do not require medical examinations. However, issuance of a policy is often not guaranteed and may depend on answers to questions set forth in an application.
- Whole and Universal Life Insurance accumulates cash value and earns interest, income tax-free while providing an income tax-free death benefit to your beneficiaries. If an emergency arises the insured has access to these funds by borrowing against the acquired cash value or by asking for a partial surrender of these values.
For more helpful information, take a look at the Estate Planning Guide.