Life insurance is a great tool to help you plan for your estate. It can help you protect your family’s lifestyle and provide money for important life events, such as college. Your Wellspring Insurance Network Inc. agent can help you choose the best options for your family and loved ones in Frederick, MD.
Maintaining Your Family’s Lifestyle
You want your family to be able to maintain their lifestyle, take care of education costs and healthcare emergencies if you pass away unexpectedly. There’s even a death benefit option to replace your earnings.
Life insurance for death-benefit proceeds can provide for your current spouse or children from a prior marriage. You can even provide for a former spouse if young children are involved.
Life insurance lets you name a specific beneficiary for death-benefit proceeds. This allows you to provide for one heir if other heirs are to receive specific assets. This can help prevent tension within the family and ensure your assets are distributed according to your wishes.
Paying Estate Settlement Costs
Life insurance death-benefit proceeds can be designated to pay for estate settlement expenses, such as administrative costs and estate taxes. This lets beneficiaries preserve inherited assets, such as property, artwork, and family heirlooms, rather than liquidating them to settle costs.
Transitioning a Business
If you own a business, it’s important to name a successor and groom them for the role. Life insurance can be used to protect your business successor and any partners you may have. This option means the estate or spouse can receive cash if the business is sold, or it can be used to ensure that your business continues.
Stop by or contact Wellspring Insurance Network Inc. to set up an appointment for a quote for life insurance in Frederick, MD.