Life insurance is a kind of financial asset. It’s a contract between you and an insurance company that underwrites the policy you’re purchasing. A life insurance policy provides protection for your designated beneficiaries in the event that something should happen to you.
Choosing the right life insurance is an important piece of the retirement and estate planning processes. It’s important to work with an advisor who thoroughly understands life insurance benefits and constraints. Gevurtz Menashe’s experienced life insurance lawyers can help you plan appropriately for your future.
Life insurance policies are sold by insurance companies or their representatives. Most policies are purchased via monthly payments. Payout to the named beneficiaries occurs upon the policyholder’s death.
However, some forms of life insurance can also yield benefits during the policyholder’s lifetime. These policies can be used to provide income in times of need — like during retirement. With this in mind, life insurance may be a pivotal part of retirement planning, too.
You have several options when shopping for life insurance. The most common types include:
Life insurance can have major tax implications. This is because life insurance benefits are typically included in your taxable estate for estate tax purposes.
Additionally, life insurance benefits are payable in cash. This makes them an excellent resource to use when paying any taxes owed by your estate.
Clearly, which life insurance you pick and how you structure your estate plan can have big consequences. Your best bet is to consult with an attorney to ensure that the life insurance portion of your estate does not add to your or your beneficiaries' tax burden.
If you want the best possible estate plan, we’re here for you. Our four-plus decades of life insurance planning experience is a huge benefit when it comes to arranging your affairs.
You can trust that your life insurance plan is perfectly suited to your needs. Our careful and comprehensive approach means all details are addressed and you get precise, personalized advice.
We know that estate planning can be a lot to deal with. That’s why we strive to give you the support and sensitivity you need during the whole process.
When the insured person dies, the beneficiaries receive a payment (called the death benefit).
The two main kinds of life insurance are term life insurance and permanent life insurance.
A life insurance policy can provide some financial assistance and stability to your family upon your passing.
Insurance coverage disputes are usually resolved by negotiation, mediation, arbitration, or legal action. A life insurance claim denial lawyer, especially in cases of life insurance litigation, can be invaluable.
Yes. Your attorney will advise you on your life insurance options, help you designate beneficiaries, ensure your insurance is properly incorporated into your overall estate plan, and make sure everything is legally documented and enforceable. Talk to one of Gevurtz Menashe’s lawyers today.
