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Life insurance isn’t just a policy you buy and forget about. When you understand why life insurance is a crucial part of financial planning, it becomes clear how much it can protect your income, your family, and your long-term goals.
At BetterWealth, the focus is on using life insurance intentionally, not as a product, but as a tool to support your bigger financial picture. The right policy can help you manage risk, create stability, and unlock options you might not realize are possible.
In this guide, you’ll see how life insurance supports income protection, debt management, wealth building, estate planning, and even business continuity. You’ll also learn how to choose coverage that fits your situation so your plan feels practical, flexible, and aligned with what matters most to you.
Life insurance is a contract between you and an insurance company. You agree to pay regular premiums. In return, the company promises to pay a sum of money, known as the death benefit, to your chosen beneficiaries upon your death. This payment helps cover debts, funeral costs, and other living expenses for your family.
This protection means your loved ones won’t face immediate financial hardship if you are no longer there to support them. Life insurance can also offer living benefits, like cash value accumulation, which some policies build over time.
There are two main categories of life insurance:
This type of coverage covers you for a set period, such as 10, 20, or 30 years. If you die during the term, your beneficiaries get the death benefit. Term is usually cheaper but does not build cash value.
This includes whole life and universal life policies. Permanent insurance lasts your entire life unless you stop paying premiums. It also accumulates cash value, which you can borrow against or use to pay premiums later.
Type
Duration
Cost
Cash Value
Term Life
Specific years (e.g., 20)
Lower
No
Permanent Life
Lifetime
Higher
Yes
You choose a policy based on your goals and budget. You pay premiums regularly, either monthly or yearly. These payments fund the insurance and, if applicable, the cash value account. If you die while the policy is active, the insurer pays the death benefit to your beneficiaries, generally income-tax free.
Your beneficiaries then use this money to cover costs you left behind. For permanent policies, part of your premium builds cash value. This value grows at a set or variable rate depending on the policy type. You can borrow from this cash value or use it to boost the policy’s benefits.
Life insurance is more than just a death benefit. It helps protect your finances, supports long-term goals, and can even help you manage and grow your wealth. This is a key reason why life insurance is a crucial part of financial planning rather than just an optional add-on. You need to understand how these functions fit into your overall plan to secure your financial future.
Life insurance provides a safety net for your loved ones if you pass away unexpectedly. It replaces lost income, so your family can cover daily expenses and maintain their lifestyle. It also helps pay off debts, such as a mortgage or car loan. This prevents your family from facing financial hardships during tough times.
In some cases, life insurance can cover final expenses such as medical bills and funeral costs, reducing stress on your beneficiaries. For business owners or investors, it can protect against financial liabilities or unexpected expenses tied to your assets. This kind of protection is a core part of a strong financial plan.
Life insurance can serve as the base for your long-term security. Policies like whole life insurance build cash value over time. This cash value grows tax-deferred and can be borrowed against for emergencies or opportunities.
With an overfunded whole life policy, you create a flexible asset. You get death benefits and living benefits, which might include loans for retirement income or business expenses. This approach to insurance lets you plan with confidence, knowing you have resources to draw on during your lifetime.
Beyond protection and security, life insurance can be part of your wealth-building strategy. It offers tax advantages, such as tax-free death benefits and growth inside the policy. This makes it an efficient way to transfer wealth to the next generation.
Life insurance also offers estate planning benefits. It can provide liquidity to pay estate taxes or equalize inheritance among heirs. This prevents forced sales of assets that you want to keep in the family.
Using life insurance for wealth management requires careful planning. When aligned with your investments and retirement goals, it helps you maximize your financial legacy without unnecessary tax risks.
Life insurance helps protect your family’s future by covering essential financial needs when you’re no longer able to provide. It offers reliable support that can ease money worries and keep your household stable during difficult times.
If you are the main income earner, life insurance replaces the money your family relies on. This means your spouse or children can maintain their lifestyle without sudden financial strain. The death benefit can cover everyday living costs, bills, and debts that typically depend on your paycheck.
For many families, this income replacement is the most critical aspect of life insurance because it ensures there’s money coming in when you’re gone. Think about how long your family might need this support and choose coverage that reflects those long-term needs. This plan helps keep your loved ones financially secure in the face of loss.
Beyond income replacement, life insurance can help cover ongoing living costs, such as mortgage payments, utilities, car loans, and groceries. These bills don’t stop just because you pass away.
Without life insurance, your family might face tough choices like downsizing their home or cutting everyday expenses. Having a policy in place means bills are covered, giving your family space to heal without added financial stress.
You can also use life insurance to cover final expenses, such as funeral costs, which can be unexpectedly high. This ensures your family doesn’t have to use savings or credit to handle these immediate demands.
Saving for your children’s education is often one of the biggest financial goals for parents. Life insurance can secure the funds needed for tuition and related expenses if you cannot contribute.
Educational costs tend to rise over time. A life insurance payout can guarantee your children have access to quality schooling, regardless of your absence.
Including this goal in your financial plan helps you choose the right policy. When you see why life insurance is a crucial part of financial planning for your family’s long-term goals, education funding often becomes a key part of the coverage you choose.
Life insurance is more than just financial protection while you’re alive. It also supports your goals for passing on wealth clearly and fairly. This helps avoid family disputes and keeps your legacy intact. Life insurance can also ease the financial burdens your heirs face after your death.
Life insurance makes it easier to transfer your assets to your heirs. Unlike other assets, the death benefit from a life insurance policy is generally paid out quickly and directly to your beneficiaries. This means your loved ones get access to funds without delays or probate court involvement.
You can also use life insurance to equalize inheritances if some heirs receive more assets during your lifetime, such as a family business or property. This helps maintain balanced family relationships and reduces conflicts.
After your passing, your estate may face taxes and debts that could force your heirs to sell important assets. Life insurance funds can cover these costs without touching your estate’s non-liquid assets. This means your family doesn’t have to liquidate investments or property to pay taxes or debts.
The death benefit is usually tax-free, providing liquidity when it’s needed most. This can preserve the value of your estate, so more wealth remains for your beneficiaries. By planning for life insurance in your estate plan, you create a financial cushion for these expenses.
It’s a practical way to protect your family’s inheritance and reduce stress during a difficult time.
Key benefits:
Benefit
Description
Quick payout
Life insurance pays out fast to beneficiaries
Heir equalization
Balances inheritances fairly among family members
Covers taxes and debts
Protects estate assets by paying off expenses
Tax efficiency
Death benefit is usually income-tax free
If you own a business, life insurance plays a key role in protecting both your company and your family. It can help you prepare for unexpected events and keep your business stable during times of change. The right policy fits into your financial plan and supports goals like paying off debts or funding a buy-sell agreement.
Life insurance helps ensure your business can keep running if you or a partner dies suddenly. The money from a policy can cover outstanding loans, operating costs, or other urgent expenses. This prevents the business from collapsing or facing too much financial strain.
Policies can be tailored to your needs, such as term life insurance for short-term needs or permanent life insurance for long-term stability. Planning ahead avoids delays in transferring ownership or settling debts, which might otherwise hurt the business’s future.
If your business depends heavily on specific individuals, a key person insurance policy can help protect your financial position. This type of coverage pays a benefit if a key employee or partner passes away, helping your company manage the loss without incurring significant cash flow problems.
The payout might be used to hire a replacement, cover lost profits, or fund transition plans. This safeguards your business value and allows you to focus on recovery without rushing financial decisions.
Planning for final expenses ensures your family won’t face unexpected costs during a difficult time. This includes paying for funeral services and handling any remaining debts. Proper coverage helps prevent financial stress while giving your loved ones the space to grieve.
Funerals, burials, and cremations can be costly, often ranging from $7,000 to $12,000 or more. These expenses add up quickly when you factor in venue fees, transportation, and other services. Life insurance can cover these costs directly, so your family won’t have to use savings or other funds.
This helps them focus on honoring your wishes without financial pressure. Some life insurance policies specialize in final expense coverage, designed specifically to handle these costs efficiently.
After you pass, your debts don’t disappear. Mortgages, car loans, credit cards, and personal loans still require payment. Leaving these unpaid creates a burden for your family. Life insurance proceeds can pay off these liabilities, protecting your loved ones from financial hardship.
It ensures bills are settled promptly, avoiding potential legal or credit problems.
Choosing the right life insurance means balancing your financial goals and the needs of those who depend on you. You will weigh how much coverage is enough and how premium costs fit into your budget. This helps secure protection without overpaying.
Start by calculating the total amount your family would need if you were no longer there. This typically includes outstanding debts, mortgage balance, daily living expenses, future education costs, and any income replacement. Consider your current savings and other financial resources when deciding on coverage size.
If you have young children or dependents with special needs, factor in funds for long-term care or education. Reviewing your life stage and anticipated changes, like buying a home or starting a business, can affect the coverage amount. You want a policy that offers enough protection now and flexibility to adjust later if needed.
Premiums vary widely depending on the type of policy you choose and your personal factors, such as age, health, and lifestyle. Term life insurance usually offers lower premiums and coverage for a specific period, while whole life insurance costs more but adds a cash value component.
You should get multiple quotes and understand the payment terms: monthly, annual, or lump sum. Check if premiums are fixed or can increase over time. Beyond price, consider what benefits come with the premiums you pay.
Some policies, such as overfunded whole life options, may offer living benefits and growth opportunities that standard plans cannot.
Use a side-by-side table to compare:
Policy Type
Premium Cost
Coverage Length
Additional Benefits
Term Life
Lower
Set term
Death benefit only
Whole Life
Higher
Lifetime
Cash value, loans
Overfunded WL
Highest
Lifetime
Living benefits, growth
Understanding these differences can help you pick a policy tailored to your goals and budget.
Many people hesitate to get life insurance because they believe it’s too costly or that it only pays out after death. These ideas can keep you from using life insurance to protect your family and build financial security. Understanding the truth about these beliefs will help you make better choices.
You might think life insurance is expensive, especially if you’re young or healthy. In reality, many policies are affordable, with costs depending on your age, health, and type of coverage. Term life insurance is often low-cost for younger people. Permanent policies, like whole life, can cost more but also build cash value over time.
You don't have to pay high premiums if you shop carefully and work with an advisor who knows your needs.
Some believe life insurance only benefits your family after you pass away. While the death benefit is significant, many policies also offer living benefits. For example, cash value in a whole life policy grows tax-deferred and can be accessed while you’re alive.
This means your policy can support things like emergencies, retirement, or even starting a business. It’s not just protection; it is a financial tool that works while you live. Knowing these benefits helps you see life insurance differently. It’s not just a safety net, but a part of your overall financial plan.
When you understand why life insurance is a crucial part of financial planning, it becomes easier to see how it protects income, pays off debts, and supports long-term goals like education, retirement, and legacy. Used intentionally, it can provide stability for your family today while strengthening the financial foundation you leave behind.
If you’re ready to clarify your options and design a strategy that reflects your values and priorities, schedule a free Clarity Call today to see how BetterWealth can help you build intentional wealth.
This material is for educational purposes only and is not tax, legal, or investment advice.
Life insurance protects your family from income loss, unpaid debts, and major expenses if you die unexpectedly. It also supports long-term goals like education, retirement, and legacy planning. That is why life insurance is a crucial part of financial planning, not just an optional add-on.
A common approach is to total your family’s needs, such as income replacement, mortgage balance, debts, education costs, and final expenses, then subtract existing savings and assets. Many people start with a range of 10 to 15 times their annual income, then adjust up or down based on their goals and dependents.
Term life insurance provides coverage for a set period, such as 10, 20, or 30 years, and usually has lower premiums with no cash value. Permanent life insurance, like whole life or universal life, lasts for your lifetime if you pay premiums and can build cash value that you may access while you are alive.
Yes. Savings and investments can fluctuate and may not be enough if you die earlier than expected. Life insurance creates a guaranteed death benefit that can cover immediate needs and protect your long-term plans, so your family does not have to liquidate assets during a stressful time.
The best time is usually when you are younger and healthier, because premiums are often lower and easier to lock in. Major life events, such as getting married, having children, buying a home, or starting a business, are also key moments to review and add coverage.
Some permanent life insurance policies build cash value that can be accessed later. This value may supplement retirement income, help manage taxes, or provide flexibility during market downturns. It should support, not replace, your broader retirement plan.
You might still want coverage if you have co-signed debts, want to cover final expenses, or plan to support parents or other relatives. A small policy can prevent your family from facing unexpected bills and can lock in insurability if your health changes later.
Life insurance can provide cash to pay estate taxes, debts, or final expenses, so other assets do not have to be sold. It can also help equalize inheritances among heirs, for example, when one child receives a business or property, and another receives policy proceeds.
Life insurance isn’t just a policy you buy and forget about. When you understand why life insurance is a crucial part of financial planning, it becomes clear how much it can protect your income, your family, and your long-term goals.
At BetterWealth, the focus is on using life insurance intentionally, not as a product, but as a tool to support your bigger financial picture. The right policy can help you manage risk, create stability, and unlock options you might not realize are possible.
In this guide, you’ll see how life insurance supports income protection, debt management, wealth building, estate planning, and even business continuity. You’ll also learn how to choose coverage that fits your situation so your plan feels practical, flexible, and aligned with what matters most to you.
Life insurance is a contract between you and an insurance company. You agree to pay regular premiums. In return, the company promises to pay a sum of money, known as the death benefit, to your chosen beneficiaries upon your death. This payment helps cover debts, funeral costs, and other living expenses for your family.
This protection means your loved ones won’t face immediate financial hardship if you are no longer there to support them. Life insurance can also offer living benefits, like cash value accumulation, which some policies build over time.
There are two main categories of life insurance:
This type of coverage covers you for a set period, such as 10, 20, or 30 years. If you die during the term, your beneficiaries get the death benefit. Term is usually cheaper but does not build cash value.
This includes whole life and universal life policies. Permanent insurance lasts your entire life unless you stop paying premiums. It also accumulates cash value, which you can borrow against or use to pay premiums later.
Type
Duration
Cost
Cash Value
Term Life
Specific years (e.g., 20)
Lower
No
Permanent Life
Lifetime
Higher
Yes
You choose a policy based on your goals and budget. You pay premiums regularly, either monthly or yearly. These payments fund the insurance and, if applicable, the cash value account. If you die while the policy is active, the insurer pays the death benefit to your beneficiaries, generally income-tax free.
Your beneficiaries then use this money to cover costs you left behind. For permanent policies, part of your premium builds cash value. This value grows at a set or variable rate depending on the policy type. You can borrow from this cash value or use it to boost the policy’s benefits.
Life insurance is more than just a death benefit. It helps protect your finances, supports long-term goals, and can even help you manage and grow your wealth. This is a key reason why life insurance is a crucial part of financial planning rather than just an optional add-on. You need to understand how these functions fit into your overall plan to secure your financial future.
Life insurance provides a safety net for your loved ones if you pass away unexpectedly. It replaces lost income, so your family can cover daily expenses and maintain their lifestyle. It also helps pay off debts, such as a mortgage or car loan. This prevents your family from facing financial hardships during tough times.
In some cases, life insurance can cover final expenses such as medical bills and funeral costs, reducing stress on your beneficiaries. For business owners or investors, it can protect against financial liabilities or unexpected expenses tied to your assets. This kind of protection is a core part of a strong financial plan.
Life insurance can serve as the base for your long-term security. Policies like whole life insurance build cash value over time. This cash value grows tax-deferred and can be borrowed against for emergencies or opportunities.
With an overfunded whole life policy, you create a flexible asset. You get death benefits and living benefits, which might include loans for retirement income or business expenses. This approach to insurance lets you plan with confidence, knowing you have resources to draw on during your lifetime.
Beyond protection and security, life insurance can be part of your wealth-building strategy. It offers tax advantages, such as tax-free death benefits and growth inside the policy. This makes it an efficient way to transfer wealth to the next generation.
Life insurance also offers estate planning benefits. It can provide liquidity to pay estate taxes or equalize inheritance among heirs. This prevents forced sales of assets that you want to keep in the family.
Using life insurance for wealth management requires careful planning. When aligned with your investments and retirement goals, it helps you maximize your financial legacy without unnecessary tax risks.
Life insurance helps protect your family’s future by covering essential financial needs when you’re no longer able to provide. It offers reliable support that can ease money worries and keep your household stable during difficult times.
If you are the main income earner, life insurance replaces the money your family relies on. This means your spouse or children can maintain their lifestyle without sudden financial strain. The death benefit can cover everyday living costs, bills, and debts that typically depend on your paycheck.
For many families, this income replacement is the most critical aspect of life insurance because it ensures there’s money coming in when you’re gone. Think about how long your family might need this support and choose coverage that reflects those long-term needs. This plan helps keep your loved ones financially secure in the face of loss.
Beyond income replacement, life insurance can help cover ongoing living costs, such as mortgage payments, utilities, car loans, and groceries. These bills don’t stop just because you pass away.
Without life insurance, your family might face tough choices like downsizing their home or cutting everyday expenses. Having a policy in place means bills are covered, giving your family space to heal without added financial stress.
You can also use life insurance to cover final expenses, such as funeral costs, which can be unexpectedly high. This ensures your family doesn’t have to use savings or credit to handle these immediate demands.
Saving for your children’s education is often one of the biggest financial goals for parents. Life insurance can secure the funds needed for tuition and related expenses if you cannot contribute.
Educational costs tend to rise over time. A life insurance payout can guarantee your children have access to quality schooling, regardless of your absence.
Including this goal in your financial plan helps you choose the right policy. When you see why life insurance is a crucial part of financial planning for your family’s long-term goals, education funding often becomes a key part of the coverage you choose.
Life insurance is more than just financial protection while you’re alive. It also supports your goals for passing on wealth clearly and fairly. This helps avoid family disputes and keeps your legacy intact. Life insurance can also ease the financial burdens your heirs face after your death.
Life insurance makes it easier to transfer your assets to your heirs. Unlike other assets, the death benefit from a life insurance policy is generally paid out quickly and directly to your beneficiaries. This means your loved ones get access to funds without delays or probate court involvement.
You can also use life insurance to equalize inheritances if some heirs receive more assets during your lifetime, such as a family business or property. This helps maintain balanced family relationships and reduces conflicts.
After your passing, your estate may face taxes and debts that could force your heirs to sell important assets. Life insurance funds can cover these costs without touching your estate’s non-liquid assets. This means your family doesn’t have to liquidate investments or property to pay taxes or debts.
The death benefit is usually tax-free, providing liquidity when it’s needed most. This can preserve the value of your estate, so more wealth remains for your beneficiaries. By planning for life insurance in your estate plan, you create a financial cushion for these expenses.
It’s a practical way to protect your family’s inheritance and reduce stress during a difficult time.
Key benefits:
Benefit
Description
Quick payout
Life insurance pays out fast to beneficiaries
Heir equalization
Balances inheritances fairly among family members
Covers taxes and debts
Protects estate assets by paying off expenses
Tax efficiency
Death benefit is usually income-tax free
If you own a business, life insurance plays a key role in protecting both your company and your family. It can help you prepare for unexpected events and keep your business stable during times of change. The right policy fits into your financial plan and supports goals like paying off debts or funding a buy-sell agreement.
Life insurance helps ensure your business can keep running if you or a partner dies suddenly. The money from a policy can cover outstanding loans, operating costs, or other urgent expenses. This prevents the business from collapsing or facing too much financial strain.
Policies can be tailored to your needs, such as term life insurance for short-term needs or permanent life insurance for long-term stability. Planning ahead avoids delays in transferring ownership or settling debts, which might otherwise hurt the business’s future.
If your business depends heavily on specific individuals, a key person insurance policy can help protect your financial position. This type of coverage pays a benefit if a key employee or partner passes away, helping your company manage the loss without incurring significant cash flow problems.
The payout might be used to hire a replacement, cover lost profits, or fund transition plans. This safeguards your business value and allows you to focus on recovery without rushing financial decisions.
Planning for final expenses ensures your family won’t face unexpected costs during a difficult time. This includes paying for funeral services and handling any remaining debts. Proper coverage helps prevent financial stress while giving your loved ones the space to grieve.
Funerals, burials, and cremations can be costly, often ranging from $7,000 to $12,000 or more. These expenses add up quickly when you factor in venue fees, transportation, and other services. Life insurance can cover these costs directly, so your family won’t have to use savings or other funds.
This helps them focus on honoring your wishes without financial pressure. Some life insurance policies specialize in final expense coverage, designed specifically to handle these costs efficiently.
After you pass, your debts don’t disappear. Mortgages, car loans, credit cards, and personal loans still require payment. Leaving these unpaid creates a burden for your family. Life insurance proceeds can pay off these liabilities, protecting your loved ones from financial hardship.
It ensures bills are settled promptly, avoiding potential legal or credit problems.
Choosing the right life insurance means balancing your financial goals and the needs of those who depend on you. You will weigh how much coverage is enough and how premium costs fit into your budget. This helps secure protection without overpaying.
Start by calculating the total amount your family would need if you were no longer there. This typically includes outstanding debts, mortgage balance, daily living expenses, future education costs, and any income replacement. Consider your current savings and other financial resources when deciding on coverage size.
If you have young children or dependents with special needs, factor in funds for long-term care or education. Reviewing your life stage and anticipated changes, like buying a home or starting a business, can affect the coverage amount. You want a policy that offers enough protection now and flexibility to adjust later if needed.
Premiums vary widely depending on the type of policy you choose and your personal factors, such as age, health, and lifestyle. Term life insurance usually offers lower premiums and coverage for a specific period, while whole life insurance costs more but adds a cash value component.
You should get multiple quotes and understand the payment terms: monthly, annual, or lump sum. Check if premiums are fixed or can increase over time. Beyond price, consider what benefits come with the premiums you pay.
Some policies, such as overfunded whole life options, may offer living benefits and growth opportunities that standard plans cannot.
Use a side-by-side table to compare:
Policy Type
Premium Cost
Coverage Length
Additional Benefits
Term Life
Lower
Set term
Death benefit only
Whole Life
Higher
Lifetime
Cash value, loans
Overfunded WL
Highest
Lifetime
Living benefits, growth
Understanding these differences can help you pick a policy tailored to your goals and budget.
Many people hesitate to get life insurance because they believe it’s too costly or that it only pays out after death. These ideas can keep you from using life insurance to protect your family and build financial security. Understanding the truth about these beliefs will help you make better choices.
You might think life insurance is expensive, especially if you’re young or healthy. In reality, many policies are affordable, with costs depending on your age, health, and type of coverage. Term life insurance is often low-cost for younger people. Permanent policies, like whole life, can cost more but also build cash value over time.
You don't have to pay high premiums if you shop carefully and work with an advisor who knows your needs.
Some believe life insurance only benefits your family after you pass away. While the death benefit is significant, many policies also offer living benefits. For example, cash value in a whole life policy grows tax-deferred and can be accessed while you’re alive.
This means your policy can support things like emergencies, retirement, or even starting a business. It’s not just protection; it is a financial tool that works while you live. Knowing these benefits helps you see life insurance differently. It’s not just a safety net, but a part of your overall financial plan.
When you understand why life insurance is a crucial part of financial planning, it becomes easier to see how it protects income, pays off debts, and supports long-term goals like education, retirement, and legacy. Used intentionally, it can provide stability for your family today while strengthening the financial foundation you leave behind.
If you’re ready to clarify your options and design a strategy that reflects your values and priorities, schedule a free Clarity Call today to see how BetterWealth can help you build intentional wealth.
This material is for educational purposes only and is not tax, legal, or investment advice.
Life insurance protects your family from income loss, unpaid debts, and major expenses if you die unexpectedly. It also supports long-term goals like education, retirement, and legacy planning. That is why life insurance is a crucial part of financial planning, not just an optional add-on.
A common approach is to total your family’s needs, such as income replacement, mortgage balance, debts, education costs, and final expenses, then subtract existing savings and assets. Many people start with a range of 10 to 15 times their annual income, then adjust up or down based on their goals and dependents.
Term life insurance provides coverage for a set period, such as 10, 20, or 30 years, and usually has lower premiums with no cash value. Permanent life insurance, like whole life or universal life, lasts for your lifetime if you pay premiums and can build cash value that you may access while you are alive.
Yes. Savings and investments can fluctuate and may not be enough if you die earlier than expected. Life insurance creates a guaranteed death benefit that can cover immediate needs and protect your long-term plans, so your family does not have to liquidate assets during a stressful time.
The best time is usually when you are younger and healthier, because premiums are often lower and easier to lock in. Major life events, such as getting married, having children, buying a home, or starting a business, are also key moments to review and add coverage.
Some permanent life insurance policies build cash value that can be accessed later. This value may supplement retirement income, help manage taxes, or provide flexibility during market downturns. It should support, not replace, your broader retirement plan.
You might still want coverage if you have co-signed debts, want to cover final expenses, or plan to support parents or other relatives. A small policy can prevent your family from facing unexpected bills and can lock in insurability if your health changes later.
Life insurance can provide cash to pay estate taxes, debts, or final expenses, so other assets do not have to be sold. It can also help equalize inheritances among heirs, for example, when one child receives a business or property, and another receives policy proceeds.
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