Life insurance has a long history with estate planning, and with good reason. No financial product is better suited for the many tasks at hand with an estate plan. Equalizing inheritances, making charitable bequests and even providing the liquidity needed to cover final expenses – from medical care to taxes – are possible with life insurance. What's more, depending on the client's age and health, this cash is generally available at a fraction of the cost of using other forms of assets. In most cases, permanent life insurance death benefit proceeds will far exceed premiums paid, providing liquidity with substantially "discounted dollars".*
While it plays a role in all three phases of an estate, life insurance is most commonly used for estate accumulation and estate preservation purposes.
* Refers to annual premium as it relates to death benefit.
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