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Financial Protection: Life Insurance
Read Our Life Insurance Guide

Download Guide

Common Uses for Life Insurance Policies

You’ve probably given some thought to how your heirs will be able to use the proceeds from your life insurance, but you might not have considered these specific uses:
  • Business Planning
  • Gifting to Charities
  • Building Wealth for Those You Leave Behind

Other ideas you should consider when making your decision about what type and amount of life insurance you should buy involve legal ramifications. You should involve both your insurance professional and your family attorney.  

For example:
  • Who will be the owner of the policy?
  • Will the policy become part of my estate, and, if so, can I eliminate that risk?  Is that an important question?
  • What about my child owning a policy?  Can I place restrictions on my minor child’s ability to access the funds until he or she reaches a  certain age?
  • Should I set up a “trust” to own my policy?
  • How should I designate beneficiaries?  For instance, did you know that, in most cases,  “beneficiary designations” trump (override) anything you put in your will?  And what is a “contingent” beneficiary?
  • Is it possible to borrow money from my Permanent Life Insurance policy and receive withdrawals without being penalized?
  • Can I exchange policies for another without having tax consequences via the 1035 exchange?

The answer to most of these questions is a qualified “yes!”  
Again, you should consult with your insurance professional, your family attorney, and perhaps a professional tax advisor as well.
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Want to Learn More?

Read our Life Insurance 101 Safe Money Places guide

Download Guide

LIFE INSURANCE TOPICS

Quick Overview
Different Types
Basic Considerations
Typical Questions
Common Uses

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​LICENSED AGENT

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Safe Money Places and this website are operated by The Ohlson Group, Inc. Safe Money Places is a consumer website. Safe Money Places is not a licensed insurance agency and financial products cannot be purchased on this website.

Safe Money Places does not warrant anything on this website, although we strive to keep everything accurate and up-to-date. ​We do not provide tax, legal, accounting, or investment advice. You need to do your own homework and consult your own experts on your personal situation. This website is protected by applicable copyright laws. You may make or print one copy of any material for personal use, further copying or distributing is prohibited without prior written permission.

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