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This is the fourth blog in a four-part series that focuses on estate planning.
A life insurance program, when structured and monitored properly, can play an integral role in your estate plan. If you have loved ones who depend on you for financial support, life insurance can help protect and transfer the wealth you have earned or accumulated over your lifetime. It can also be an effective tool to provide liquidity to cover estate taxes, replace lost income, eliminate debt or provide for specifc needs.
If you’re considering purchasing a new policy—or wondering whether your existing policy meets all of your requirements—considering a few key factors can help you determine the best program for you and your family.
Before purchasing life insurance, it’s important to first determine what you want to accomplish with it. Your needs and objectives can vary with your circumstances and may include:
The amount of coverage you need depends on the objectives you’re seeking to address with your life insurance program. Whatever your goals may be, certain considerations can help you determine the appropriate coverage amount, including:
Paying your life insurance premiums on time is essential for maintaining your desired coverage. There are several methods—or combinations of methods—available to you for funding your premiums, including:
Even if you’re confident with your current life insurance program, it’s important to evaluate your coverage over time to ensure that it continues to meet your needs and goals. As you periodically review your policy, a few considerations can help guide you, including:
Because policy evaluations can be diffcult and confusing, you may wish to consult with an insurance professional to review insurance goals and the efficacy of the program you have in place. For more information, visit our Estate Planning Fundamentals resource page.
Becky Milliman is a senior wealth strategies professional and fiduciary representative for CIBC Private Wealth Management in Chicago, with 19 years of industry experience. In this role, she is responsible for the development of integrated wealth management plans for clients and provides the fiduciary administration for individual trusts and foundations. She also sits on the firm's Trust Discretionary Committee.
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