Life Insurance is an important component of a solid financial plan, and helps to protect your loved ones in the event of your death. Life insurance provides needed liquidity to pay estate taxes so that your wealth transfers efficiently from one generation to the next and ensures that the business that you've worked hard to establish will continue on.

Money from a life insurance policy, referred to as the death benefit, passes on to your designated beneficiary or trust tax free in order to provide a critical resource for your family's financial needs. Life insurance policy proceeds could mean that your family will be able to avoid selling assets in order to pay remaining bills or estate taxes. And with certain types of policies that are designed to accumulate cash values, you may be able to withdraw funds or borrow against the policy, potentially allowing you to take advantage of financial opportunities or to meet unexpected expenses throughout your lifetime.