Insurance Can Be The Great Equalizer

Advantages of Life Insurance In Trusts

At Estate Planning Consultants of Hawaii, we are blessed with helping clients in all phases of life. From the birth of a child, a new marriage, a new business and the asset protection for the legacy of your family name.

In the business of Estate Planning, it deeply saddens us when we help clients through a loss in the family. The process can be quite painful. I have experienced this personally with my grandparents and have helped countless clients with the uncomfortable process.

Why is Life Insurance an Integral Part of Estate Planning?

Life Insurance provides financial security to your loved ones, after you no longer can do so. A life insurance strategy is a viable and affordable way to provide for vulnerable loved ones.

When purchasing a policy, you want to balance fulfilling your financial needs and cost. The balance boils down to the amount of insurance coverage you need versus how much you can afford to spend on the policy. 

Then you must pick the type of policy that meets your coverage goals as well as well as your financial budget. 

A few benefits of investing in life insurance include: 

  • Provides financial security for your family in the event of personal loss or injury.
  • Death benefit protection and opportunity to build long-term cash value accumulation.
  • Insures against a need. For example, paying off a loan such as a home mortgage or a college loan.
  • College funding  implementation strategies for your children with the added death benefit protection.
  • Provides compensation to a company in the event of a loss of a key employee or to provide funds to purchase the remaining share of a business from a partner
  • An Irrevocable Life Insurance Trust (ILIT) can provide a means to protect life insurance from nursing home costs.

It can seem like insurance policies are written in another language. As financial advisors, we help clients with estate planning, investment planning, and insurance planning. It is important to not leave out the most important step; insurance planning.

Life insurance is not for those that die it’s for those that live! Is your family protected “Today” if you are no longer around?

For pennies on the dollar, life insurance will make sure your family will be able to continue with their dreams. Dreams of college, dreams of owning a home and the dream vacation. In addition, life insurance can be the great equalizer, keeping families together by helping them cope financially in tough times. Don’t wait until it’s too late!

If somebody depends on you, whether it’s your kids, a spouse, or a significant other that relies on you financially. You need life insurance. 

Give us a call today to find out if you need life insurance to protect your family!