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Make life insurance part of your estate plan

As you create an estate plan, there are many questions to address. Some of these will be based around the topic of life insurance.

How much life insurance do you need? What is the best way to purchase a policy? Who will you name as the beneficiary?

Life insurance should be part of your estate plan. However, you cannot make key decisions until you know what you are up against.

Here are some of the many questions to address:

-- Will your life insurance policy be owned by a trust?

-- Will you name more than one person the beneficiary of your policy?

-- Are there ways to use life insurance to facilitate a business succession plan?

-- What are the unique benefits (and drawbacks) of each type of life insurance (term, whole, universal)?

-- Do you have enough life insurance right now, or do you need to purchase more?

-- Are you familiar with the ways that a life insurance policy can be employed as a wealth replacement strategy?

Answering these types of questions will help you better understand life insurance, including how to make it a big part of your estate plan.

If you have any questions about life insurance, such as those detailed above, you need to answer them before too long. You never know if you need to make a change, such as purchasing additional coverage.

There is a lot that goes into estate planning, and you need to make sure you have your life insurance details in line. This will relieve some of your stress while ensuring your family is taken care of once you are gone.

Source: Wealth Management, "Top 10 Considerations for Estate Planning with Life Insurance," accessed Jan. 06, 2016

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