Your Life Insurance Policies -
There can be many reasons why you may be considering canceling or replacing your life insurance policy. Before you do, here are a few things that you
should consider:
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If you decide to replace your life insurance policy, don’t cancel the old one until you have received and accepted your new policy.
Most people are unaware that you’re allowed a “free look” provision, which is a period of time immediately following the issuance of a life insurance policy, during which you may cancel your policy with a full refund. The free look period differs depending on the terms of your life insurance contract or the laws in your state, but is typically between 10 and 30 days. So if during this time you change your mind about your new policy, you can cancel it knowing that your old policy is still in effect.
If you feel that your current policy no longer meets your needs, you may not have to replace it.
Maybe you’ve been contemplating upgrading your term policy to a permanent life policy such as a whole life or universal life insurance policy. Or perhaps your permanent life policy death benefit isn’t enough. Whatever the reason, you may decide at some time that you need a policy upgrade. The fact is, you may be able to change your policy or add to it to get the coverage and/or benefits that you now want. Ask your insurance professional about life insurance riders or options that may be available for you to increase your policy’s limits
to meet your needs.
Before you cancel life insurance because you’re older and your health has changed, premiums for a new policy will often be higher.
Because insurance premiums are rated in part on age and health, canceling your policy and applying for new coverage at a later date to, let’s say, save money, means you could be paying even more for the same coverage in the future. Moreover, if your health has
significantly changed, you may be uninsurable and unable to get coverage.
Deciding whether or not you no longer need coverage or trying to trim your budget by temporarily canceling your policy may not be in your best interest in the long
run. The good news is that you may have other options available. In all cases, check with your insurance agent or life insurance company before making any significant
changes concerning your existing life insurance policy.
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Ways to Use Life Insurance in Estate Planning
Learn how life insurance can help provide funds to pay estate taxes and offer other wealth-protecting benefits The estate planning process is meant to help you manage and
preserve assets while you’re alive and to conserve and control distribution after your death in accordance with your goals and bjectives. But estate planning is unique in that it’s different for everyone — depending on your life stage, wealth, age, health,
lifestyle, and other factors.
For example, a modest estate might require only a simple will, while larger estates concerned with potential estate tax burdens require a more sophisticated strategy such as a trust. But
whatever your needs, life insurance can be a valuable element in your estate planning when used in conjunction with the protection of a will or trust to offer the following benefits:
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1. Estate Tax Funding Through Life Insurance
Federal estate taxes can be as high as 50 percent of your gross estate and must be paid in cash within nine months of your death. Quite often it’s the estate’s personal assets that are used
to cover tax debt. However, assets such as an IRA or a personal residence are not easily liquidated on short notice without substantial tax penalties. Proceeds from a life policy are typically received income tax-free and could be used by your beneficiaries immediately to fund estate taxes while preserving
assets.
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NeitherProtective Life nor its representatives offer legal or tax advice. Purchasers should consult with their attorney or tax advisor regarding their individual situations before making any tax-related decisions.
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Most family businesses are started with a dream and built with hard work. If what you envision for your business after you die is to keep it in the family, you should first consider a discussion about which of your heirs has the interest in managing and ability
to manage the business. In many situations, families can use insurance benefits to “cash out” some of the other heirs if so desired, preserving family peace while continuing the viability of the business.
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3. Estate Equalization
Even if you have an estate plan, it could take a great deal of time before money is released and distributed to your loved ones.
Expenses such as funeral costs, business debt, and estate taxes can place financial burdens on your family that could mean delving into their own bank accounts or having to liquidate
assets. Funds from your life insurance policy could immediately help pay for these expenses by passing along a tax-free death benefit.
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4. Estate Plan Creation
Life insurance has a unique ability to create an immediate estate for your beneficiaries when you die, often for pennies on the dollar. It allows money to be passed directly to the designated beneficiary, essentially bypassing the complications created by probate. Moreover, the benefits are distributed tax-free and remain untouched by potential debts.
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The bottom line
Many people talk about how to use life insurance as part of their estate planning. The bottom line is that having a policy in conjunction with the protection of a will and/or a living trust
allows you to guarantee that a lump sum of money will be available upon your death, providing an effective way to transfer wealth to your beneficiaries.
Depending on the complexity of your estate, please consider consulting an estate-planning attorney to be sure the decisions you make are right for you
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