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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Permanent life insurance
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
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