Understand the cash need
Work with your advisors to identify the timing and size of possible obligations before deciding how much insurance might help.
Family continuity
An inheritance should come with time to make good decisions.
Life insurance can be one part of an estate plan when a family expects a future need for cash. It may help address obligations or balance intentions for different beneficiaries. Policy ownership and beneficiary decisions should be considered alongside the will, business arrangements and advice from your legal and tax professionals.
Start a private conversationSpeak with an advisor, or prepare a brief first.
Before choosing a policy
Four questions
worth asking.
Which assets are readily available as cash?
Who is intended to inherit the business or property?
Are beneficiaries and the will aligned?
Which assumptions should your accountant and lawyer review?
Options and tradeoffs
The details
make the difference.
Coordinate beneficiaries
Review ownership and beneficiary designations with the overall estate plan. The intended recipient matters as much as the coverage amount.
Revisit the plan
Family circumstances, asset values and rules can change. Review the plan after major events and with the relevant professionals.
Common questions
A clearer
starting point.
Does insurance replace a will?
No. Insurance, a will and other planning documents do different jobs. They should be coordinated with legal advice.
Can insurance help when one child inherits a business?
It may be one funding option when planning for other beneficiaries. The arrangement depends on the assets, family intentions, affordability and professional advice.
General information to prepare for a conversation. Coverage depends on underwriting and the policy contract. Your circumstances require individual advice.
Further reading: Meet the Hull family
A family name behind the advice