Estate planning is an important task that anyone can take on at any point in their lives. In fact, our team at Craig Insurance Group recommends getting started with your Raleigh, NC estate planning as soon as you’re able to. That’s because while life insurance and estate planning aren’t quite the same thing, they go hand-in-hand, and the younger you are, the more cost-effective you’ll find life insurance policies.
How Life Insurance Assists With Estate Planning
Estate planning is generally known as the process of organizing and arranging a person’s affairs so that they are properly distributed and managed upon one’s death. You can work with an estate planning attorney, financial advisor, or similar professional without the need for a life insurance policy to create your estate plan and final will and testament. However, life insurance often plays a valuable role for the following reasons:
- Ensuring financial protection for loved ones without taxes. Life insurance policies are primarily bought for their listed death benefit. This death benefit can be paid out to your listed beneficiaries with the huge advantage of not being taxable.
- Making charitable contributions easier. If you have certain charities that are near and dear to your heart, then a life insurance policy can offer an easy way to ensure that you invest in them and leave that legacy as part of your estate planning.
- Streamlining end-of-life payments. In some cases, a policyholder might have certain expenses and outstanding debts that will need to be paid, such as end-of-life care and funeral costs. Life insurance policies pay out quickly, ensuring that those debts can quickly be cleared.
Contact Our Team to Learn More
While we can’t set up your Raleigh, NC estate, our team at Craig Insurance Group can help you find that perfect life insurance to partially or even wholly fund it.
