[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-412624-105":59,"doc-detail-412624-en":131},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":124,"head_meta":126,"extra_data":128,"updated_unix":130},105,"en","life-insurance-in-estate-planning-chapter-x","Life Insurance in Estate Planning - Chapter X","","Life Insurance in Estate Planning covers how insurance functions within a typical estate plan, beginning with essential terminology to clarify differences among insurance products and their roles. 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It focuses on proceeds paid to a named beneficiary and on proceeds associated with an insured’s estate.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},412624,1790709141,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":34,"category_name":35,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":140,"language":141,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":142,"faqs":143,"seo_title":144,"seo_description":67,"update_tm":145,"read_time":36,"preview_page_count":4},687207412472,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","Chap. X Life Insurance in Estate Planning–Jacobson & Becker 113  \nChapter X  \nLife Insurance in Estate Planning  \nA. Overview and Purpose  \nIn this chapter we will examine the role played by insurance in a typical estate plan. We will begin our discussion by referring to key insurance terms in order to understand the differences in insurance products and roles the products can play. From that point, we will examine the various types of insurance products that are available in today's market place. After identifying the products, we will examine how these products can be used in an estate plan. Before deciding on their use, we will examine the tax impacts of using the product in estate planning. Finally, we will address the question of how much insurance to buy, and several factors that insurance buyers can use in deciding the amount of insurance coverage to purchase.  \nThere are many useful references in books and on the Internet for people who want to know more about life insurance policies and purchase decisions The following web sites were consulted in preparing this chapter: “What You Should Know About Buying Life Insurance,”found [at](at www.pueblo.gsa.gov/press/nfcpubs/knowlife.txt)[ ](at www.pueblo.gsa.gov/press/nfcpubs/knowlife.txt)[www.pueblo.gsa.gov/press/nfcpubs/knowlife.txt](at www.pueblo.gsa.gov/press/nfcpubs/knowlife.txt) and “Financial Guide: Life Insurance: How Much and What Kind to Buy,” found [at](at www.gofso.com/Premium/LE/08_le_bi/fg/fg)[ ](at www.gofso.com/Premium/LE/08_le_bi/fg/fg)[www.gofso.com/Premium/LE/08_le_bi/fg/fg](at www.gofso.com/Premium/LE/08_le_bi/fg/fg)life_ins.html.  \nB. Lesson Objectives  \nWhen you have successfully completed this chapter, you will be able to accomplish the following objectives:  \n1. Distinguish among the various types of life insurance policies generally available to consumers today and the terminology that relates to these policies.  \n2. Discuss the role of life insurance in an estate plan.  \n3. Consider the state inheritance and federal estate, gift, and generation skipping transfer tax treatment afforded life insurance proceeds paid to a named beneficiary and to an insured's estate.  \n4. Distinguish between situations in which a person has incidents of ownership in an insurance policy from those in which a person has no incidents of ownership.  \n5. Describe the process consumers can follow and the factors they can apply in deciding how much insurance to purchase for their personal situation.  \nC. Insurance Terms and Definitions  \nLife insurance is one of the most common financial assets that people acquire during their lives, but it is unlike any other purchase that people generally make. When you pay the premiums, you’re buying the future financial security for your family that only life insurance can provide. As a common financial asset, many people are familiar with basic policy types and insurance terminology. While many people feel they are knowledgeable about insurance, they often  \n114 Chap. X Life Insurance in Estate Planning –Jacobson & Becker  \noverlook the new types of insurance products and techniques developed over the last 20 years to serve a variety of financial planning needs and situations. Policy choices are much wider than simply deciding between whole life policies and term policies. To begin the discussion lets turn to some basic insurance terms and definitions.  \nAccidental Death Benefit–A provision added to a life insurance policy for payment of an additional benefit in case of death as a result of accidental means. It is often called \"double indemnity.\"  \nAnnuity–A contract that provides income either for a specified period of time or for aperson's lifetime. Although annuities are financed by life insurance companies, annuities are the direct opposites of life insurance policies. Life insurance policies are payable at aperson's death. Annuities are payable during lifetime.  \nBeneficiary–The person or entity, such as a trust fund, named in the pol","cbCaiv3apjoGGmS9","https://ap.wps.com/l/cbCaiv3apjoGGmS9","pdf",62263,16,"English","# Overview and Purpose\n## Lesson Objectives\n## Insurance Terms and Definitions","[{\"question\":\"What is the purpose of life insurance in an estate plan?\",\"answer\":\"The chapter examines the role insurance plays in a typical estate plan. It explains product roles and how insurance can be used within estate planning decisions.\"},{\"question\":\"What learning objectives does the chapter focus on?\",\"answer\":\"The objectives include distinguishing life insurance policy types and terminology, explaining insurance’s role in an estate plan, and considering tax treatment of life insurance proceeds. It also covers ownership and how consumers decide how much coverage to purchase.\"},{\"question\":\"Which tax-related situations are considered for life insurance proceeds?\",\"answer\":\"The chapter addresses state inheritance and federal estate, gift, and generation skipping transfer tax treatment. It focuses on proceeds paid to a named beneficiary and on proceeds associated with an insured’s estate.\"}]","Life Insurance in Estate Planning - Chapter X | PDF",1790592218]