How Life Insurance Affects Your Estate Planning
With all of the choices available, considering what type of life insurance is best for your situation can feel overwhelming. Here are just a few different types and how they may benefit your current financial situation. Term insurance will pay the death benefit only if the insured dies within the specified period (term) spelled out in the insurance contract. For example, if the policy is for a 10-year term but the insured dies in year 11, no death benefit is payable to the beneficiaries. Terms are typically 10–25 years. Term insurance is more affordable (and profitable for companies) than other types of policies.
higher than term life premiums because the insurance company maintains a reserve that helps keep the premiums level during the insured’s life. This reserve is an accumulated cash value within the policy that the policy owner can borrow against or cash out if they choose to terminate the contract before they die. A middle-aged working professional with a family may want to consider purchasing either a large term insurance policy or a whole life policy that has a guaranteed death benefit as long as the premiums are paid. If the insured develops a chronic illness, such as diabetes or cancer, that would disqualify them from obtaining a new term policy when their old term policy terminates. First-to-die life insurance policies allow the death benefit to be paid upon the death of the first of two insured individuals. Insuring
two individuals instead of one costs less than the total premiums for separate life insurance policies on the two individuals. For example, these policies can provide a surviving business partner with the cash necessary to buy the deceased partner’s share of the business from their spouse or family. For those who own large estates with significant assets that would be difficult to sell, such as a successful business, a second-to-die or first-to-die policy might be a better option for ensuring that there is sufficient cash to pay taxes or buy out a deceased partner’s business interests. There are many more types of life insurance than those mentioned here. Feeling overwhelmed? Don’t — just give our expert team a call to choose the best policy for you.
Young couples on a tight budget may find that term insurance fits their needs.
Whole life insurance typically guarantees a consistent premium throughout the life of the contract, but the premiums are typically
SUDOKU
DIY HOLIDAY EGGNOG
Inspired by TastesBetterFromScratch.com
Making your own eggnog is easier than you think! This creamy, delicious drink will be a hit with your holiday guests. INGREDIENTS
6 egg yolks 1/2 cup sugar
1/2 tsp nutmeg
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1 pinch salt
1 cup heavy whipping cream
1/4 tsp vanilla extract Cinnamon and whipped cream, for garnish
2 cups milk
DIRECTIONS
1. In a medium bowl, whisk the egg yolks and sugar until light and creamy. Set aside. 2. In a saucepan over medium heat, stir together the cream, milk, nutmeg, and salt. Bring to a simmer. 3. Add a spoonful of the milk mixture to the egg mixture. Whisk vigorously and repeat, one spoonful at a time. 4. When most of the milk is whisked in, add the egg mixture to the saucepan. 5. Whisk until the liquid thickens slightly or reaches 160 F. Remove from heat and add vanilla extract. 6. Pour the eggnog into a glass container and cover. Refrigerate. 7. When the eggnog has thickened, pour it into glasses, garnish, and enjoy!
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