6. ?To pay for death taxes and/or estate settlement costs. ?These costs can exceed 50% of the fair market value of an estate.
7. ?Pay off a home mortgage.
8. ?Fund a business transfer. ?Many businesses have multiple stockholders. ?Life insurance proceeds upon the
death of one stockholder provide ready cash to finance the transaction.
9. ?To replace charitable gifts. ?If large assets are gifted to charity there are fewer dollars that can pass as an inheritance. ?Life insurance can replace that lost inheritance.
10. ?To supplement retirement funding. ?Certain life insurance products can supplement retirement funding by accumulating additional funds for retirement years.
We'll explore several of these users in more detail in the pages that follow.
Note that all life insurance policies are subject to substantial fees and charges. ?Death benefit guarantees are subject to the claims paying ability of the issuing life insurance company.
Excerpt from The Complete Guide to Estate and Financial Planning in Turbulent Times (Collaborative Press, 2011) - Walt Dallas, Contributing Author
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