Why Life Insurance May Be An Important Part of Your Estate Plan

Most people think that when their kids are out of the house, or the mortgage is paid off, the need for life insurance disappears.  Life insurance, however, may be a very powerful tool if structured properly and included in a comprehensive estate plan.  Some of the benefits of life insurance include:

  • Life insurance can provide support when you’re gone and make sure your family is taken care of
  • If your estate consists of non-liquid assets, such as a family business or real estate, life insurance could be used to prevent your heirs from being forced to sell property to pay taxes or other probate costs
  • Proceeds from a life insurance policy can be used to buy out an owner’s interest in a business
  • Life insurance could provide other benefits specific to your situation

Life insurance, if used properly, can be a valuable tool to provide financial security for your family.  By completing your estate plan without considering insurance and financial planning could leave you short in reaching your goals. Therefore, you’re never too young to begin to develop your estate plan and never too old to review it.