How diversified is your financial portfolio? Are you looking at new ways to create more assets and better leave your legacy? If so, life insurance may be an overlooked option for you to consider.
A diversified portfolio can assist you in better managing your wealth for both the present and the future. When considering the future for planning your estate, life insurance should be seriously considered in order to provide some predictability and continued benefit to your beneficiaries after your death. It is a way to continue to provide wealth to those you care for upon your passing through a guaranteed death benefit.
When creating an efficient and diverse assortment of assets, you should think about how each class of assets interacts with the others and on its own. How will you be able to move wealth among the assets you possess in order to most efficiently plan for taxes? What unique benefits does each asset bring to the table, and am I duplicating benefits and/or especially risks?
In planning for your future, prudence would suggest you are prepared for multiple scenarios, whether it is living the lifestyle you desire, providing for your children's education, or ensuring that your spouse is cared for long after you no longer can. Life insurance helps in planning for some of these potential situations with a long-term view in mind. It is not something that usually provides immediate gratification, but it is an essential element to anyone's portfolio if they truly desire to make it complete for all stages of life.
Planning for your future can be a daunting task. If you are thinking of evaluating your estate and creating an estate plan in order to plan for the future, please seek advice and get legal consultation from experienced estate planning attorneys.
Source: LifeHealthPro, "Life Insurance: An overlooked asset class," Tom Tooley, Dec. 2, 2012