When thinking about a life insurance plan, you likely think of it as a means for your family if you were to pass in an unexpected death. While this is one of the benefits, it is not the only benefit.
In fact, life insurance policies are more than just cash when you pass away – they are an essential part to any estate plan.
If you have been tossing around the idea of a life insurance policy, do not hesitate to reach out to our estate planning lawyer in NYC for some guidance today.
STOP OVERLOOKING LIFE INSURANCE – GET AN ESTATE PLANNING LAWYER
You never know when you may need a life insurance policy and it is ALWAYS better to have one established and in place as opposed to needing one and being without it.
Below, our estate planning lawyer will discuss some considerations to keep in mind.
- A life insurance policy is a great idea for young people as they secure their future. The money from the policy can be used to replace lost income should someone unexpectedly pass away. In addition, the money can be used to pay for college, take care of children, or even pay off a car loan or mortgage.
Life insurance that is purchased by someone young is a wonderful way to help secure their family’s future – just in case.
- Life insurance money can be used to pay off any state or federal estate taxes that may have accrued or been owed by the deceased.
When you pass away, your heirs inherit your debt along with the inheritance. Without a life insurance policy, they will need to pay off the debt first. A good policy will help prevent this from happening and cover any debts owed.
- You never know what unexpected adventures will come your way in life. If you have re-married, a life insurance policy is a good idea as it can help keep any disputes between your children, ex-spouse, and new spouse away.
One of the many ways that individuals can make the life insurance policy work for them is to name their children as the heir to their assets and place their new spouse as the beneficiary. This way, it is clear, and your wishes are being followed.
If you have a life insurance policy and you want to learn more about how to protect your family and secure their financial situation in the future, do not hesitate to reach out to us.
Our estate planning lawyer in here to work with individuals who have and do not have life insurance policies. Our experience and knowledge guide us, and we will work one on one with you to determine what best meets your needs.
Don’t wait until it is too late and call Morgan Legal Group PC today at 212-561-4299 to learn more or to schedule a consultation with us.