When two people begin to build a life together, it is important to plan for the future and safeguard their assets as early as possible. Looking at the each partner’s goals can help advisors present appropriate options to meet their specific needs. If the couple is relying on both incomes, it is beneficial for each to retain a life insurance policy to rectify any loss. Additionally, couples with blended families need to create life insurance policies to cover all intended beneficiaries. Another useful strategy is an irrevocable life insurance trust, which are mainly used for wealthy couples that want to avoid taxes.
See Couples Insurance, Wealth Management, June 10, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
