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Law & Legal
  1. How to Qualify for a Medicaid Waiver
  2. Six Reasons Someone May Be Placed Under a Guardianship
  3. What Can Be Included in a Will?
  4. How Much Should You Put as a Down Payment on a House?
  5. 3 Assets That Can Fund a Trust
  6. Why You Should Have a Life Insurance Policy
  7. Is Real Estate a Good Financial Investment?
  8. S-Corp vs. C-Corp
  9. 5 Reasons Someone Might Disinherit a Child
  10. Benefits of a Testamentary Trust
  11. Steps on How to Sign Up for Life Insurance
  12. What is the Estate Administration Process?
  13. What Types of Government Benefits are Available for the Elderly?
  14. What is the Job of an Executor?
  15. What is a Simple Estate Plan?
  16. Why You Should Have a Will
  17. 3 Things You Need to Prepare Your Taxes
  18. Tips for Planning an Estate
  19. What is Electronic Notarization?
  20. Are There Requirements to Qualify for Medicaid Home Care?
  21. 3 Benefits of Tax Planning
  22. 3 Things to Know About Retirement Planning
  23. How Does Mental Illness Impact Your Estate Planning Process?
  24. What is a Lawsuit for Wrongful Death?
  25. What is The Tax Code?
  26. Guide to Become a Tax Advisor
  27. Does My Parents' Divorcing Impact My Inheritance?
  28. Guide to Understand When You Should and Shouldn't Buy a Home
  29. 3 Things a CPA Can Help With
  30. Tips to Maximize Your Tax Refund
  31. 3 Reasons You Should Have a Tax Accountant on Retainer
  32. Do Self-Employed Individuals Get Taxed Differently?
  33. What are Unclaimed Funds?
  34. 4 Things to Know About Surrogate's Court
  35. 3 Reasons Having Advance Directives is Important
  36. What are Estate Taxes?
  37. What is The Estate-Tax Exemption?
  38. Who Has to File Taxes?
  39. 3 Reasons You Should Have a Trust Protector
  40. Understanding Spousal Impoverishment
  41. Who Files Taxes For Businesses?
  42. Should I File My Taxes Using Turbo Tax?
  43. 3 Ways to Protect Against Financial Exploitation
  44. Who Qualifies for a Special Needs Trust?
  45. Guide on How to Write Off Business Expenses When Doing Your Taxes
  46. 3 Things Every Small Business Should Know
  47. Why Updating Your Will is Important
  48. What is the Probate Journey?
  49. What Happens if I Don't File My Taxes?
  50. Tax Accountant vs CPA
Why You Should Have a Life Insurance Policy {{ currentPage ? currentPage.title : "" }}

Thinking about your death isn’t exactly the most fun way to spend an afternoon, but planning for your passing is an important part of ensuring your loved ones are taken care of. For many people, life insurance plays an integral role in estate planning, but life insurance is about more than just leaving behind some money for your family.

Whole Life Policies Build Value

Although term life insurance is a popular option for protecting your family upon your passing, whole life insurance is a product that can build value. With whole life insurance, sometimes known as cash-value life insurance, you can take cash out of the policy within the limits of your agreement. By leveraging the growing value of your life insurance investment, you may be able to pay off high-interest debt or take care of other important financial obligations.

In some cases, you may also be able to use your life insurance policy as collateral for taking out a mortgage or other large loan. This may open up additional possibilities to earn money if you can use this type of loan for an investment.

Protecting Against Loss of Income

Aside from giving an immediate cash benefit to your loved ones upon your passing, life insurance also supplies money to replace the loss of income that may be a result of your death. For many families, budgets are set based on the amount of income earned by each adult member of the household. An unexpected loss of one of these income streams could put a lot of strain on the ability to pay bills and meet other financial obligations. Life insurance money can replace some of this loss and make life easier for those left behind.

Work With an Estate Planning Lawyer

No matter how you decide to pursue life insurance or why it’s always a good idea to work with an estate planning lawyer before making any big decisions. You’ll want to look locally for these types of attorneys, as different states have different regulations regarding insurance products. Visit this website if you need an NYC estate planning lawyer.

For example, in New York City, an NYC estate planning lawyer will be able to guide you through New York’s various insurance laws. Your NYC estate planning lawyer can also help you evaluate insurance products to find the right policy for your specific needs and plans.

Author Resource:-

Mark writes often about estate planning. His articles may include topics like real estate closing attorney and business succession laws to help the people in needs. You can find his thoughts at estate planning services blog.

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