Life insurance can be an important part of your estate plan in many ways. As a source of income tax-free money, your family members can use it to maintain their lifestyle, pay taxes (without liquidating your assets) and carry out your estate distribution wishes.
It can also provide money to:
- Help children pay for college.
- Equalize the inheritance you leave to your heirs, especially if more than one family (or marriage) is involved.
- Provide a donation to your favorite charity.
- Offset income taxes on tax-deferred assets (IRAs, deferred annuities and other qualified plans) allowing your family to receive the full value of your savings.
For example, say you own a family farm you want your son to continue to own and operate after your death. You could purchase life insurance to provide an equal inheritance to your daughter, while keeping the farm intact.
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Additional products and services
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Term life insurance
Term life insurance provides low-cost protection and peace of mind for a certain period of time. While permanent protection is an important part of an overall life insurance plan, term insurance can protect you by helping to cover temporary needs, such as helping to pay off your mortgage or other debt. This can be an affordable way to help make sure your dreams and goals are protected.Learn more
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