{"id":2236,"date":"2022-06-22T17:40:38","date_gmt":"2022-06-22T17:40:38","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/?page_id=2236"},"modified":"2023-12-07T00:16:50","modified_gmt":"2023-12-07T00:16:50","slug":"life-insurance","status":"publish","type":"page","link":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/life-insurance\/","title":{"rendered":"Arizona Life Insurance Attorney"},"content":{"rendered":"

Introduction<\/h2>\n

There are two main types of life insurance that may need to be addressed in an Arizona estate plan \u2013 term policies and whole life policies. Before getting too in-depth about purchasing life insurance, it is important to first understand the key differences between these two policies.<\/p>\n

Term life insurance is only good for a predetermined period of years, and it pays a set amount if you die while the policy is in effect.\u00a0 If you die after the term expires, nothing is paid to your beneficiaries.\u00a0 Also, your premiums only pay for the coverage itself; term life insurance will not grow as an investment. There are many differences among term life insurance policies, depending on the coverage you enroll for.\u00a0 Some policies have fixed premiums, while others may increase in price over the course of the term.\u00a0 Some policies are renewable without a medical exam, while others cannot be renewed. Discuss the options thoroughly with a life insurance agent before purchasing a policy.<\/p>\n

Whole life insurance is permanent in nature; it remains in effect for as long as you pay the premiums.\u00a0 While whole life policies are more expensive than term insurance policies, they serve an investment function because you generate returns on your premiums.\u00a0 These returns can be stored in reserve or borrowed against after a predetermined waiting period.\u00a0 Unless you fully withdraw funds from your reserves they are not taxable.\u00a0 Once your policy matures, you can cash it in for its surrender value.\u00a0 Despite its capacity to generate some revenue, whole life insurance should not be used solely as an investment tool, as more lucrative methods of investing are available.<\/p>\n

Do I Need Life Insurance in My Estate Plan?<\/h2>\n

Life insurance is certainly not for everybody, though it can play a role in a thorough estate plan.\u00a0 It is most useful to individuals with dependent children or spouses who will require additional support after you are deceased.\u00a0 If the property and assets you plan on leaving your dependents is insufficient to cover their needs, life insurance may be a worthy consideration.\u00a0 The proceeds from your life insurance policy can help your beneficiaries with long-term needs or immediate costs such as funeral and burial expenses. In addition, it is a great idea to contact an Arizona estate planning attorney for guidance when determining how substantial of a life insurance policy to purchase.<\/p>\n

Call Our Arizona Estate Team at (480)467-4325<\/a> to discuss your case today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Introduction There are two main types of life insurance that may need to be addressed in an Arizona estate plan \u2013 term policies and whole life policies. Before getting too in-depth about purchasing life insurance, it is important to first understand the key differences between these two policies. Term life insurance is only good for […]<\/p>\n","protected":false},"author":111,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"acf":[],"yoast_head":"\nArizona Life Insurance Attorney | Estate Lawyer<\/title>\n<meta name=\"description\" content=\"Life insurance is not for everybody, though it can play a role in a thorough estate plan. 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