Life Insurance Quotes

Giving the gift of life insurance

06/27/11


As individuals look for new ways to maximize their wealth while sharing with family members, some experts recommend investing in a survivor universal life insurance policy. Taking out this type of plan can allow people to use a portion of their personal finances and set up a simple irrevocable life insurance trust.

Setting up a trust to handle the insurance policy allows the funds to remain untaxed and they can multiply much quicker than a simple cash gift, according to Bloomberg.

Life insurance can also provide an amplified gift that will allow owners to purchase an installment plan. If the insured party commits to making an annual gift, a portion of that gift can go directly to the insurance policy.

For people who want to provide a substantial gift to charity, this can also be done through a life insurance policy. Naming the charity as a beneficiary may help help limit legal issues, because of the contractual nature of the policy, according to the Planned Giving Design Center. A death benefit is guaranteed as long as the premium is paid. 

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