Life Insurance

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Life insurance policies provide:

  • Funding to pay off a mortgage at death.
  • Income replacement for a spouse. In making an insurance
    need analysis, we often forget or underestimate the dollar
    value of work done in the home by both husband and wife.
  • Funding for college education. Either at death, or, during
    life, policy cash values can help pay college costs.1
  • Guaranteeing
    funds to repay loans or other debts owed by the decedent.
    Life insurance proceeds provide cash to pay estate obligations
    and help provide the survivors with a debt free start.
  • Liquidation to pay death taxes and estate costs, thus avoiding
    the necessity of liquidating valuable assets to pay these
    expenses. Note that Federal Estate Taxes are due only
    9 months after death.
  • Funding for an orderly transfer of a business interest
    at death. Business owners may have an agreement to buy
    the interest owned by a decedent, but lack the cash to
    pay for the decedent’s share of the business.
  • Funding for a business at the death of a key employee.
    Insurance proceeds can be used to recruit, hire and train
    a replacement. The proceeds can also provide working
    capital to help offset financial losses due to the loss
    of the key person’s services.

1 Life insurance policy cash values are accessed through
withdrawals and/or policy loans. Loans are generally not
taxable. Withdrawals may be taxable under some circumstances.
Unpaid loans and/or withdrawals will cause a reduction
in the policy cash values and death benefits. Please consult
with your tax advisor for advice regarding your particular
situation.

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