Another use for life insurance is in charitable giving. ?This is a little more complex, but might be especially helpful for clients who want to leave something to charity but do not want to substantially impact the inheritance they leave their children.
One plan is to purchase life insurance and leave the death benefit to charity with the rest of the estate going to family members. ?This has the advantage of allowing you to change your mind over time regarding your choice of charities, and has the most flexibility in terms of future choices. ?Since you own the policy you can elect to continue it, or you could elect to borrow or withdraw some amount or all of the cash value of the policy to deal with emergencies or other life changes.
Excerpt from The Complete Guide to Estate and Financial Planning in Turbulent Times (Collaborative Press, 2011) - Walt Dallas, Contributing Author
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