Identify Your Needs

I want to know more about incorporating life insurance into my existing estate plan.

When developing an estate plan, remember who actually benefits from it – your loved ones. Every decision you make will affect their inheritance and may even affect future generations. Life insurance allows you to supplement your estate while also providing funds to your heirs for all those medical and funeral costs.

Keep in mind that estate planning can be a complicated matter – one that should be thoroughly discussed with professionals. Contact your Raymond James financial advisor for information about life insurance alternatives available to you.

Life insurance helps pay for immediate expenses

Medical expenses, funeral charges and monthly bills add up fast after you’re gone – and the process of distributing your estate can be very, very slow. Your loved ones may need money in the interim to take care of immediate needs. That’s where life insurance comes in. Since funds are distributed automatically, they avoid the lengthy probate process . . . and your policy can provide the necessary income for expenses. Without it, family and friends may be forced to sell assets at bargain prices in order to pay for accumulating debt.

Life insurance supplements your existing estate

If you want to leave more money to your heirs, a life insurance policy may be a good choice. It ensures the size of your estate is not severely depleted when you die. And if you haven’t accumulated as much as you wanted, the policy can provide inheritance funds that may not otherwise exist.

What type of life insurance should I purchase?

While it’s best to make this decision with help from your Raymond James financial advisor, here’s a brief description of each policy type.

Term life insurance

If you’re looking for protection during a specific time period at a reasonable price, consider term life insurance.

Whole life insurance

As its name suggests, a whole life policy remains in effect your entire life. Similar in coverage to term life, it differs in that a portion of the premiums goes into a cash value account.

Universal life insurance

This policy offers a wide range of choices regarding premium payments, allowing you to choose how much will be paid and when.

Selecting the proper life insurance in conjunction with your estate plan is an important decision. Find out which policy is appropriate for you – and how much life insurance to purchase – by contacting your Raymond James financial advisor today or use the Office Locator to find our office(s) nearest you.