No. When you think of estate planning, you may envision someone very wealthy and believe this doesn't apply to you. This is a common misconception. Estate planning is one of several key areas of financial planning to address throughout your life. Although estate planning does impact the very wealthy, it can also dramatically impact those of moderate means.
For example, if you own property or have someone who is dependent on you, an estate plan is needed. It helps you address how, when and to whom you want your assets to be distributed after your death. A number of tools can help you accomplish these goals, such as wills, trusts and life insurance.
One of the simplest first steps you can take now is to make sure your beneficiary designations are up to date on your life insurance and retirement plans.
Without proper planning, much of what you’ve spent a lifetime building could be lost to family disagreements, delays, probate and legal fees, taxes, and other expenses. Mistakes can impact your family’s well-being. Talk to your representative to learn more.
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Permanent life insurance provides protection for your entire life and can build cash value over time. Premiums remain level throughout your lifetime and can even be paid up within a specific time period. You can enjoy permanent protection for life without a permanent payment.Learn more