Why Use Life Insurance For Estate Planning?
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaLife insurance is a tax advantaged and economic leveraged insurance product that can help pay estate taxes or make a real financial difference with children, grandchildren or the charities of your choice. A typical healthy, super preferred nonsmoking male at age 65 can receive a $4 benefit per $1 premium in a single deposit scenario. In the same scenario a female can receive a $5 benefit per to $1 premium paid. And both male and female can receive a $6 benefit to $1 premium paid using a survivorship policy.Answered on June 21, 2013+01+1 this answer
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37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaThere are several uses for life insurance in estate planning. I am in an agricultural area and many farmers are land rich and cash poor. When they die the taxman want’s his part immediately, the heirs are forced to sell part of the property to raise money to pay the taxes, and life insurance is much more convenient and can perpetuate the farm. Sometimes there are multiple siblings but only one business. The child that gets the business is seen as being treated differently. Life insurance can balance the estate providing each child with an agreeable amount. There are other uses.Answered on June 10, 2014flag this answer
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