Should I consider life insurance during the estate planning process?
Life insurance is definitely something you should consider when you’re planning your estate. Life insurance can be used for a variety of purposes, in the event that you want to ensure that there’s enough money to pay for your funeral expenses, if you have debt, medical debt from possibly a long-term illness, or you have a mortgage that remains unpaid, you can use those life insurance benefits to pay down and pay those expenses. Additionally, life insurance is immediately distributable. It does not go through the probate process, and is not part of your estate. Therefore the beneficiary needs only provide a death certificate and an application to claim those benefits. Life insurance definitely is something that could benefit your estate. You should talk to a financial planner to discuss the possibility and the cost of that life insurance policy.