Life Insurance for Estate Planning

Life insurance can be a useful tool in estate planning. It not only provides income security for your loved ones, it can also protect business partners, pay for estate taxes, and handle any outstanding debts.

A life insurance policy will allow family members access to immediate funds to pay for the costs of a funeral, settlement costs of a will, taxes, or other expenses associated with estate management. Funds from the policy will be distributed as designated to the beneficiaries and can help a surviving spouse with living expenses, allow children to attend college, or handle any number of needs.

Safeguard Investment Advisory Group will help you evaluate your life insurance requirements as part of the overall estate planning process. Because the value of your estate may change with time, and family circumstances vary, it’s important to re-evaluate your life insurance needs from time to time.

We are able to provide life insurance quotes from a variety of companies so you can compare life insurance rates for the best value.

Life Insurance Quotes for Seniors

While seniors may no longer have dependents, their lifestyle normally depends on some type of income. If a spouse dies, the survivor may not have enough money to manage the household, especially with inflation. At this stage of life, it is difficult to generate additional income. A life insurance policy can help protect senior couples when they are most vulnerable. Life expectancy is rising and the surviving spouse may have many more years of good health so it may be necessary to supplement their income.

We recommend investigating life insurance quotes for seniors to see if a policy is advisable as part of the estate plan. Less expensive term insurance may be a more attractive choice for life insurance protection.

Second to Die Life Insurance

Second to die life insurance is a unique policy that is used in estate planning when the estate is significant – normally over $1.5 million. This type of policy is designed to insure the couple as opposed to a single person. Unlike a normal life insurance policy, proceeds are not distributed when one person dies – only when both of them pass away.

Normally, a second to die life insurance policy is intended to pass on an inheritance to a couple’s children to protect or increase the assets of the estate and offset large estate tax bills. Estates over $3 million are subject to estate taxes at a 45% rate.

If you are in the California area and are interested in second to die life insurance, we can obtain life insurance quotes for you. This type of insurance is normally less expensive than traditional life insurance policies.