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It is becoming an ever-increasing issue among Americans aged 50 and over to carry additional debt.
So what should you do to prevent transferring your money-related stress and anxiety to your benefactors? Life insurance is a contract between you and your insurance company in which the insurer promises to pay your beneficiary a sum of money upon your death.[2] This agreement is dependent upon your payment of a premium, either as a monthly or lump sum.
It’s important to remember that you don’t need to be the person that is insured to take out the policy. If you purchase term level coverage, it means that the death benefit will not increase or decrease during the period of the policy.[3] However, choosing decreasing term insurance means that the death benefits drop each year of the coverage by specified increments.
Choosing term insurance with a renewable option means that you can choose to an additional term, usually until you reach a specified age.[4] If you health has changed during the period of your policy, this would not automatically prevent you from being able to renew. A)   Whole Life: The most common type of permanent life insurance, it provides you with a death benefit and savings account. Whole Life Insurance is a form of Permanent Life Insurance that provides a death benefit at normally a level premium for as long as you pay the premium.
B)   Universal Life: There are several differences between universal and whole life insurance. C)   Variable Life: Similar to whole life insurance, it provides death protection and a savings account. D)   Variable-Universal Life: This is a combination of both the variable and universal life insurance policies. F)   Endowments: This is the most expensive type of permanent life insurance, but it does have its advantages.
Suicide clause: The policy becomes null and void if the insured commits suicide within a certain time frame after purchasing life insurance (usually two years).
Misrepresentation: The policy can also be cancelled if the insured misrepresented themselves in any way. For term insurance, several factors are taken into consideration when determining premium costs including age and health at the beginning of the policy. The insurance company takes each of these variables into consideration when determining your premium. While you may find excuses to avoid paying for life insurance, take the time to reconsider, as there are many benefits.
While most families can rely on Social Security for post-death income, it is still recommended that you purchase life insurance for the additional financial stability and benefits.
Assume that the deceased spent $6,000 from income on his own living expenses and the cost of working. Taken together, the survivors will need to replace the equivalent of $48,000 of income, adjusted each year for an assumed 4 percent inflation. Thanks to Social Security, the survivors would need life insurance to replace only about $1,700 per month of lost wage income (adjusted for inflation) for 14 years until the older child reaches 18; Social Security would provide the rest.
The life insurance amount needed today to provide the $1,700 and $2,100 monthly amounts is roughly $360,000. There are a lot of myths which can distort the realities of purchasing the right life insurance policy. If you die, someone will still be shouldered with the responsibility of paying your bills, whether it be your family or executor.
Especially if you have dependents, it can be very risky to depend solely on your investments. Is it better to have a group life insurance policy through your work or an individual policy?
Life insurance is often used to cover long-term debt that might severely impair a business’ ability to continue in the event of death to a principal. Many businesses identify their key personnel and buy life insurance on them naming the corporation as the beneficiary. Many parents and grandparents fund college for their children and grandchildren through Life Insurance. One of the primary purposes of Life Insurance is to leave a “clean slate” behind when you die so that your loved ones are not burdened.
Because Life Insurance is used in so many ways, being able to buy it in larger amounts is often a necessary part of financial planning. Many people find that Estate Taxes force them to sell the business or farm that their parents tried to pass along to them through their will. Given the high cost of long-term care many people are using Life Insurance to fund that expense.
In 2001 I and two other people noticed our local school district struggling under budget problems. During that process I learned how many people name charities as beneficiaries for part of the death benefit from their Life Insurance. My grandmother annoyed me as a child by telling me how much money recently departed people had left their families. As I’ve aged I’ve realized that her concerns were a product of when she was born, in the late 1800’s, more than anything else. Many people find comfort in creating a financial plan that allows them to leave an estate.  Life Insurance can create an estate far in advance of when a person could accumulate such a level of wealth. Later my attorney told me that he had noticed a large number of instances of spouses dying within days of each other. While cash from a death benefit can’t solve who will receive your mother’s favorite broach, it can be handy to smooth over the strictly financial aspects of a will. Many people use annuities, a form of Life Insurance, to provide an income flow after they retire. Just like using Life Insurance for your business to smooth cash flow, people use the cash value built up in their Life Insurance to solve personal financial crisis. With rapidly changing medicine life insurance is becoming more readily available for those diagnosed with HIV.
Could late night cable television exist without Life Insurance that doesn’t require a physical to determine eligibility? Insurance companies have big beautiful home offices because they have actuaries who use mortality tables in the favor of the company to create large profits. Bank-Owned Life Insurance is similar to corporate-owned life insurance, with the only major difference being that a bank, instead of a corporation, owns bank-owned life insurance. Recent ReviewsCountry CompaniesI had Cotton States Insurance (Now Country Financial) until they moved out of Florida. 1st DCA: Can a revocable trust waive the creditor-exempt status of life insurance proceeds?
After the decedent’s death in 2008, the trustee of his revocable trust (his brother) asked the court if the life insurance proceeds remained creditor protected.
While life insurance proceeds are not payable directly to the estate or subject to obligations of the estate merely by virtue of being directed to a grantor trust, here the clear and explicit terms of the trust make the policy proceeds available to satisfy obligations of the estate, pursuant to section 733.808(1).
For more on how simple but effective drafting techniques can be used to ensure none of your clients ever end up in the same mess as the estate in this case, you’ll want to read Morey v.
If in hindsight the trust’s waiver language turns out to be a mistake, what about judicially modifying the trust agreement to fix the problem?



The trial court did not err in ruling that deterioration in the decedent’s financial circumstances between the time he executed estate planning documents and the date of his death —which in the event resulted in a lack of any residuum with which to fund the Morey Family Trust—did not constitute a “mistake” requiring reformation of the trust documents.
This case (and Aronson) seems like good cautionary tale in dealing with assets that are exempt from creditors while simultaneously trying to honor the intent of the Settlor. It seems like in some cases it just might be easier to allow an asset to pass outside of probate or outside of a trust so that costly litigation can be avoided and so that the beneficiaries stay happy.
Year In ReviewThis is my running list of significant trust, probate and guardianship related appellate opinions since 2005.
MEDIATOR ETHICS ADVISORY COMMITTEE (MEAC) OPINIONSThe Florida Supreme Court's Mediator Ethics Advisory Committee (MEAC) has been issuing formal advisory ethics opinions to certified and court-appointed mediators since 1994. Insurance companies understand that no two people are identical and that life situations vary from person to person. According to a report referenced in a 2013 Fox Business article, middle-income Americans nearing, or in, retirement now have more debt than younger Americans.[1] In fact, the older group had an average of $8,278 on credit cards in 2012 compared to $6,258 for younger people.
It is a protection policy for your loved ones and is designed to benefit them if something tragic or unexpected were to occur.
Within each category of insurance, there are several sub-categories with different benefits, costs, and payment plans. In 2003, over 97 percent of term life insurance was the level term option, and within this category, the most common policy length was twenty years. While it has the advantage of remaining in effect until you are deceased, it has a different premium payment plan and involves investments.[5] Even after the policy reaches maturity, your coverage remains active, but you no longer have a monthly premium. First, you can increase the death benefit, presuming that you are able to pass a medical examination. However, you have the option of investing the account money on your own in stocks, bonds, and mutual funds.
Operates somewhat like a mutual fund in that the insured pays premiums into an investment account that is owned by the insured. You can choose your own investments, while at the same time adjust you premiums and death benefit.
While you can choose the length of the pay term (such as ten or twenty years), all of your payments need to be concluded by the time you reach 65 years old. With this policy, you choose an endowment age, meaning that the cash value and death benefit will become equal by the time you reach a specified age. There is usually a two year contestability period in which the insurance company in which to request additional information on the insured and determine whether or not to issue the death benefits. The premium would remain the same for the length of the term and not increase unless you chose to renew your policy. If you have a spouse and young children when you die, this will help your family to face their new financial reality with confidence.
Funeral and burial costs can be expensive, and there may be additional fees associated with the deceased, such as estate administration and final medical bills. If you name a charity as your beneficiary, you will be able to give more than if you were to donate the cash equivalent of the policy. If you were to fall on hard financial times, you would be able to borrow or withdraw from your insurance account. Suppose her deceased husband earned $36,000 at death and was covered by Social Security but had no other death benefits or life insurance. Assume, for simplicity, that the deceased performed services for the family (such as property maintenance, income tax and other financial management, and occasional child care) for which the survivors will need to pay $6,000 per year. The survivors would need life insurance to replace about $2,100 per month (adjusted for inflation) for three more years when the non-working surviving spouse has only one child under 18 in her care. Providing the homemaker with life insurance would subsidize against daycare and any other added expenses. It is quite common for companies to provide two times the annual salary of their employees as a death benefit paid to a beneficiary designated by the employee.
Most businesses have liquidity problems if one of the principals die at an unexpected time.
Percy spoke in his book “Ask for the Moon and Get It” of meeting business money problems by using the cash values he had built in his Life Insurance policy. Many people pre-plan their funeral and fund the expense through a Life Insurance policy listing the funeral director as beneficiary.
Life Insurance is often used to payoff credit card debt, mortgage balances, bank loans, student loans, car loans and other personal debts. Many policies are sold to people at a younger age that allow them to increase the death benefit at certain intervals throughout their life without having to meet underwriting requirements. These often untimely or unwanted sales can be avoided through proper planning by using Life Insurance.
MetLife estimates the monthly cost of an assisted living community to have been $3,550 in 2012.[13] Many people would rather create cash value that would be in their policy if they don’t use the Long Term Care expense feature. To my young psyche it seemed terribly materialistic to value your self worth by the amount of money you left to your family. My father died from a heart attack and my mother, who had been healthy, died unexpectedly from heart failure, as well. People buy No Exam Life Insurance because they want the insurance really fast, they hate medical examinations, or they have a health condition that they think will prevent them from passing a medical examination.
And if in hindsight that turns out to be a mistake, can the trust be "reformed" to undo the waiver? And if in hindsight that turns out to be a mistake, can the trust be “reformed” to undo the waiver?
Our unlimited homestead protection usually gets most of the attention, but the goodies don’t end there. The right to select the beneficiary of a life insurance policy is an aspect of the freedom to contract. When drafting revocable trusts, Lawgic provides the following standard clauses designed to make sure life insurance proceeds paid to a revocable trust don’t lose their creditor-exempt status. If any funds become available to the trustees of any trust, including without limit, life insurance .
G’s will devised his government bonds to his daughter, A, and the residue of his estate to a friend. Reformation is not available to modify the terms of a trust to effectuate what the settlor would have done differently had the settlor foreseen a change of circumstances that occurred after the instruments were executed. If you think I've missed an important appellate decision that deserves wider notice, please let me know.
MEAC opinions deal with mediation-related ethics questions governed primarily by Florida's Rules for Certified and Court-Appointed Mediators.
Because of these facts, it is always very important to shop around and examine every life insurance policy that you’re considering very carefully. Even if you have assets, your looming credit card debt, car loans, and mortgage probably won’t be enough, leaving your heirs with the burden of finding other ways to pay creditors. This is not only the reverse of 2008 trends, but doesn’t even include mortgages, loans, and other liabilities. The following article will explain everything you need to know to you make the right decision.


If you buy the policy for your loved one, you have the assurance of knowing that they are protected, and that the beneficiary of the policy will be able to pay for any expenses after the insured person dies.
While the coverage can’t be cancelled, unless done so within a legally defined period of time, the policy’s cash value increases over time. However, the savings account builds cash value based on the investments the insurance company chooses.
Once you reach a certain sum of money within the insurance savings account, you can lower your monthly premiums, assuming that the account will cover the rest. This is a riskier option, as you are at the mercy of poor-performing stocks, which would reduce the cash value and death benefit of the plan. There is a death benefit, which is variable and depends on the performance of the insured’s investments. The expenses arise from the fact that your premiums are higher (but paid over a shorter period of time).
Assume that the survivors will have to buy health insurance to replace the coverage the deceased had at work, and that this will cost $12,000 per year.
If you are still unsure which policy is right for you, contact your individual insurance agent today. According to College Data, the average expense for a year of college (moderate budget) at a state school was $22,261 for 2012.[12] The average cost for a private college (moderate budget) was $43,289 in 2012.
Some use Credit Life insurance for this, which is term life that names the lender as the beneficiary.
This protects them if they acquire a physical condition that would otherwise prevent the purchase of the needed Life Insurance. By adding a Long-Term Care rider to their whole policy they feel they have taken care of their Life Insurance needs and Long-Term Care Insurance needs in one policy.
With the help of many people we created a non-profit to generate supplemental funding for our school district. I took this as a cruel injustice, especially so when I looked down during my mother’s funeral and noted that I was standing on my father’s new grave. The money you will pay for No Exam Life Insurance will be significantly more than what you would pay, in most instances, for insurance through traditional channels. Cash-value insurance is also known as Permanent Life Insurance because it provides coverage for the policyholder’s entire life. Further, insurance practices and forms change constantly and are varied from state to state. If the revocable trust at the heart of this case contained similar clauses, there never would have been a problem.
Evidence shows that the bonds are worth only half of what they were worth at the time of execution of the will and that G would probably have left A more had he known that the bonds would depreciate in value. Trusts and estates litigation, probate administration and estate planning is all he does as a lawyer.
Only then can you make sure that you’re getting a plan that covers what you need it to and that will continue to be beneficial as you grow older.
Know your options, costs, benefits, and myths before contacting your independent insurance agent.
If the policyholder dies with a loan balanced owed, that amount will be subtracted from the death benefit paid to the beneficiary.
However, if you eliminate your savings, the policy may lapse, so be careful when choosing to lower your payments. However, one you reach the endowment age, you can cash out the value and death benefits to your beneficiary, whether you are still living or not. Many businesses use the policies as a way to avoid paying taxes on income for a few years, borrowing against the policy when cash is needed.
Because the decedent waived the creditor-protection shield by the terms of his own revocable trust (oops!).
There are a few key essentials that every life insurance policy that you consider will need to have.Term life insurance policies tend to be the most affordable types of life insurance in many areas of the country. Over the last dozen years it has provided about $5 million in charitable giving to our school district to bridge the gap between what was needed and the funding they had available.
Without a parent to intervene, the family dynamics become quite liquid and aberrant behavior becomes the norm.
Back in 2000 the decedent purchased life insurance and named his revocable trust as the beneficiary of the insurance proceeds. The savings that you’ll see from a term life insurance policy comes with a very important caveat, however, in that they are not designed to be permanent.
As its name suggests, a term life insurance policy is only designed to cover your life insurance needs for a very specific period of time.
However, for reasons that in retrospect turned out to be mistaken, the decedent’s revocable trust stated that his life insurance proceeds could be used to pay his creditors.
Antunez volunteered for service with the United States Marine Corps Reserve from 1987 to 1993 (4th ANGLICO, West Palm Beach, Florida), including combat duty during the first Gulf War.
While a term can be anywhere from a few years to 30 years or more, it isn’t necessarily going to be able to cover you for the rest of your life.
This exemption applies regardless of whether the insurance proceeds are paid directly to your heirs or go to them via a revocable trust. These types of plans are generally designed for situations where a financial need will eventually diminish and disappear over time. For example, a term life insurance policy might be a good idea if you’re still paying off your mortgage. It is also important to realize that term life insurance policies don’t actually hold any cash value.Permanent life insurance policies are designed to protect you for the duration of your life. So long as you paid the premiums on your policy as directed by your insurance provider, you will have lifelong protection against the risk of death. Another added benefit is that a permanent life insurance policy will build up a large cash value as the years go on.There are a large number of permanent life insurance policies that are designed to cover you in the event that specific types of situations may occur.
For example, a critical illness insurance policy is designed to protect you in the event that you are diagnosed with something like cancer.
You would need to check with the specifics of the policy to determine the types of conditions that a particular provider defines as “critical.”Additionally, policies for disability, accidental death, child life insurance and long term care insurance exist to meet specific needs in those areas.
Most of those policies will require you to get a physical examination, similar to the type of exam you would need to get to secure a health insurance policy.
There are “no medical exam” life insurance policies that are available in the event that you don’t want to or are unable to have the required medical examination. Chief editor and author at LERAblog, writing useful articles and HOW TOs on various topics. Particularly interested in topics such as Internet, advertising, SEO, web development and business.Do you like this post? Around the webYou may also like:6 Questions to Ask Before Committing to Life InsuranceInsurance, just like any priorities in life, is also important part of our future.



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