The proceeds from life insurance policies can be used to pay final expenses and burial costs, fund a trust for family members, or benefit your favorite charities.
Consult with your financial advisor on the best way to structure life insurance ownership to help fulfill your estate planning goals.
How much life insurance is enough?
Use this calculator to help you determine the amount of life insurance that best meets your needs.
Accelerated benefit option
Receiving the diagnosis of a terminal illness is emotionally challenging. It also can be financially challenging. You may incur significant medical bills and other expenses.
To help provide financial peace of mind during this difficult time, some life insurance policies allow you to receive all or a portion of the death benefit while you are living. These proceeds can then be used to pay expenses or make final arrangements.
Contact your financial advisor or insurance company if you think this option may benefit you or your family. They will be able to advise you on the policy provisions and answer your questions.
Many Americans have group life insurance and other benefits, such as critical illness insurance, through their employers. As with individual life insurance, be sure to keep a current statement of your benefits with your other estate documents to assist your heirs in filing claims for group life insurance benefits in addition to any retirement plan survivor benefits, pension funds, unpaid salary and/or commissions.