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Is life insurance part of your estate plan?

As you create or review your estate plan in Texas, it is important to pay close attention to your life insurance coverage. If you have a policy in place, you may find yourself in good position as far as this detail is concerned. Conversely, if you have yet to buy coverage, now may be the best time to do so.

The primary benefit of life insurance is simple to understand: it provides your loved ones with financial security once you pass on.

You should also consider the fact that life insurance will give you peace of mind. It is good to know that your family will be taken care of even after you are gone.

Many people are under the impression that life insurance will increase estate taxes, however, this is not true if you fully understand your situation. By putting the right plan in place, you can make sure this doesn't impact your family's tax situation.

It is easy to shy away from life insurance, as nobody wants to think about a future in which they are gone. Furthermore, some consumers don't want to pay the monthly premium for something that won't benefit them. Even though there are reasons to avoid this, the benefits are far greater.

If life insurance is not yet a part of your estate plan, it is time to make a few changes. If you have purchased a policy in the past, review the coverage and make sure it still fits well into your estate plan. Regardless of your age, there is always time to make changes for the better.

Source: AXA, "Life insurance and estate planning," accessed Dec. 30, 2015

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