In our previous post about Non-Probate Assets, we touched upon life insurance and its role in your estate plan. As a reminder, life insurance avoids the probate process and passes directly to the named beneficiary or beneficiaries providing immediate funds for funeral expenses, mortgage payments and other needs.
Despite its importance, many of our clients report that choosing the right life insurance plan for their needs feels overwhelming. Clients often cite pushy salespeople, confusing policies and lengthy applications as excuses for not handling this task. While we agree the process can be quite challenging at times, we recently have found a post by reviews.com that we wanted to share. It covers the Best Life Insurance policies and a Guide to Life Insurance that's worth your time if this is on your to do list.
Reviews.com has made the process of determining which life insurance policy suits you best in some easy steps. An important step in finding a suitable insurance policy is to first determine whether or not the provider will actually be able to cover you because of its location or specific eligibility requirements. Next, we encourage our readers to find a provider that is financially stable that way if a claim needs to be paid, the provider will have the funds to do so. Finally, insurance policies that have different customizable coverage options, or riders, to better suit your needs are the best types of policies.
We were happy to see that State Farm is currently the front runner for term life insurance as many of our clients give them rave reviews and we've always found them easy to work with. If you're interested in their products, we've worked with and hear great things about Rick Campbell (Summerville) and Tony Pope (Summerville/Mt. Pleasant) and wouldn't hesitate to recommend their services.
If you need to speak with someone about your estate plan and how life insurance should be incorporated, please contact us for a free estate planning consult by phone or in person.