Bensman Risk Management, Inc.


Insurable Interests

Bensman Risk Management, Inc.
2333 Waukegan Road Suite 275
Bannockburn, IL 60015
847-572-0800 Phone
847-572-0502 Fax

Insurable Interests may offer general financial, insurance, tax and business ideas. However, due to the ever-changing tax laws as well as the complexity of the financial industry, you should seek professional advice before implementing any of the ideas contained in this newsletter. The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C. assumes no liability whatsoever in connection with the use of this newsletter.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS). Kestra IS and Kestra AS are not affiliated with The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C.

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Insurable Interests

Vol. 9, Issue 9May 2014

MONTHLY MESSAGE

Life Insurance and Estate Planning

You understand the basics of life insurance as a way to make sure that the people you love are cared for after you no longer are around, especially if you die while there are still major expenses such as paying off your mortgage or funding college for your children.

But even if your children are grown and there are relatively few immediate needs, life insurance can play an important role in other aspects of estate planning, such as:

  • Adding to the overall value of your estate. As an added bonus, life insurance benefits usually pass to your heirs tax-free.

  • Providing cash to pay estate costs. You don’t want your heirs to have to sell off the assets you leave them in order to pay taxes and other costs related to the closing of your estate. Instead, they can use life insurance proceeds to pay these expenses.

  • Equalizing inheritances. Say you have multiple children, and for some reason you are leaving one of them something that has much more value than what you are leaving to the others. You can even things out by buying life insurance and naming as beneficiaries the children who did not receive the more valuable inheritance.

  • Paying outstanding debts. Life insurance proceeds can be used to pay debts so that your heirs don’t have to pay them. The proceeds also can be used to pay off your mortgage so that your heirs inherit your home or homes free and clear.

  • Paying investment losses. If you have lost money in your investments, life insurance proceeds can bring your estate back to where it was before the losses.

  • Continuing to meet obligations such as payment of child support. Life insurance can ensure that the money will be there until your child is an adult.

  • Funding a variety of obligations, such as buy/sell agreements.
In addition, you can use life insurance trusts to fund charitable bequests or to have greater control over the distribution of your estate.

The professionals at The Bensman Group would be happy to talk with you about how you can use life insurance as part of your overall estate plan. Contact us at jfeiger@bensman.com or 847-572-0808.

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