Whole Life Planning
Helping Individuals and Families Plan for Their Future Today
Planning for your future means taking certain necessary steps today to ensure you and your loved ones will be taken care of. Oftentimes, individuals and families focus on establishing an estate plan with only the transfer of assets and property in mind. Many concentrate on what will happen to their valuables and business ventures after their passing, but may not realize the importance of accounting for life’s many unexpected obstacles along the way.
Whole life planning allows individuals to protect themselves and their families in the event of a disability, incapacitation or death. It involves designating beneficiaries, guardians, trustees and executors, laying out your wishes for your future as well as developing a plan of action to implement your goals. And, for many, a crucial aspect of the whole life planning process involves life insurance.
Kevin Jamison Law, PC can address any questions or concerns you may have regarding the steps to take in whole life planning. Our legal team takes time to sit down with you and your loved ones to learn about your goals for the future and current situation, working side-by-side with you to establish a plan that works for your unique needs.
Whole Life Policies vs. Term Life Policies: What Is the Difference?
Many people consider taking out a life insurance policy at one point or another. Some people are even offered life insurance through their employer. But did you know that there are several life insurance options to choose from?
The two main types of life insurance are term life and whole life. As the name suggests, term life policies cover the insured person for a certain period of time. In contrast, whole life insurance provides coverage indefinitely, provided the insured continues to pay the premium.
While policy premiums for whole life insurance can be much higher than those for term life insurance (or other types of insurance) and require the insured persons to pay fixed premiums as well as remain current on these premiums, there are several benefits. These policies build in value over time, allowing beneficiaries to receive a fixed amount of money after the insured passes on. but the benefit is that when a policyholder dies, beneficiaries receive a fixed amount of money.
Do I Need Whole Life Insurance?
Whole life insurance allows you to not only have a plan in place that protects loved ones in the event of your passing, but also a cash investment that safeguards your present and your future. In fact, individuals can sometimes borrow money against the plan to pay for a mortgage or cover other expenses. However, deciding if and when to obtain coverage can be an emotional and complicated process.
Every individual’s estate planning and life planning needs will vary. If you are unsure about whether whole life planning is right for you, the California estate planning attorneys at KJ Law can guide you through your options. Our team can help answer some of the tough questions that must be asked to put a durable estate plan in place.
Consult With Our California Estate Planning Attorneys Today to Discuss Your Whole Life Plan
It’s never too early to start planning for your future. Whole life planning may not be appropriate for everyone. However, depending on your circumstances, it can be an important aspect of your estate plan. To learn more about your options, schedule a free consultation with our estate planning attorneys in California at (626) 314-1830.