Staten Island, NY 718-370-3131 Hauppauge, NY 631-352-5700

718-370-3131

631-352-5700

Using Life Insurance As An Estate Planning Vehicle

life insurance as an estate planning vehicle

One of the biggest myths in the financial world is that estate planning is only for the right and it is very complicated. First of all, estate planning is for anyone who wants to provide for next of kin and has property to protect. Secondly, you can leave the complicated parts to our financial experts while you just focus on the essential elements to your estate planning needs.

What Kind Of Life Insurance Do I Need?

Good estate planning is a mixture of term and whole life insurance. The trick is to know when to use each form of insurance and understanding how much insurance you need. Our experts are here to help you make those critical decisions and show you how to use insurance properly.

Protecting Investments

Whether you own a home or you have retirement plans with your spouse, everyone has investments that mean something to them and their families. Term life insurance is an excellent vehicle for protecting investments and making sure that your family is protected if something should happen to you.

A term life policy placed on your mortgage will make sure that the mortgage gets paid in full and that your family gets to the keep the home, even if you do not live long enough to see the mortgage paid off. Other investments to protect include:

  • Retirement planning
  • Paying for a child’s education
  • Business succession planning

Paying Expenses

When you pass away, you leave expenses to your next of kin that could be a financial burden if you do not take the proper estate planning steps. Once again, term life insurance is a great way to make sure that your final expenses are paid, including your funeral expenses.

You do not always need a reason to buy term insurance. Sometimes the fact that term insurance is so inexpensive makes it a great way to protect your family in case something were to happen to you.

Adding Wealth

If you do have considerable financial means, then a whole life policy can be an excellent estate planning vehicle for protecting that wealth and passing it on to your family. Whole life insurance can also be a way to enhance that wealth and leave your family more than you could have ever imagined.

A whole life policy, along with a death benefit, also has an investment portion that you pay into each time you pay your premium. We can set you up with a whole life policy that will give you a place to put your wealth and let it grow. Since the value of a whole life policy is determined by the death benefit and the constantly increasing investment portion, it allows you to enhance your wealth and leave your family in a very good financial position.

Another benefit to whole life insurance is that you can take out loans against your death benefit while you are alive. It can be a great relief when it comes to paying off large expenses such as a major home repair or a home remodeling project. Just remember that the amount you borrow is deducted from the death benefit, so you are taking a risk that the amount you leave your family may not be what you had expected. If you pay off the loan before you pass away, then your beneficiaries would get the full death benefit.

Our financial experts are waiting to show you just how life and health insurance fit into your estate planning needs. You do not need to be rich to need an estate plan. All you need is a family you care about. We can make sure that your family is taken care of when you are no longer able to be there.


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Staten Island Location

201 Edward Curry Ave,
Staten Island, New York 10314
Tel:  718-370-3131
Fax: 718-370-3110

Email: info@tceins.com


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Long Island Location

490 Wheeler Road, Ste 251,
Hauppauge, New York 11788
Tel: 631-336-2572
Fax: 631-761-6486
Email: info@tceins.com