Frequently Asked Questions
Is it true that life insurance is probate free, and avoids most legal tangles?
Yes, life insurance by-passes probate and most legal tangles that other financial products become hung up in. Unlike other financial products, life insurance pays directly to a named beneficiary. Its cash value grows tax free, money can be taken out of it tax free if properly done, and the death benefits are income tax free. You can leave the proceeds to anyone you choose and no one can contest your choice of beneficiaries. Even in a divorce, life insurance cannot be taken over by one spouse or the other.Each person can maintain their life insurance in a divorce even if everything else is "up for grabs". Even better than this is the fact that neither the IRS nor any creditor can sieze any portion of your personal life insurance. No other financial instrument in the United States possesses these privileges. Wow, what a financial instrument!
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