Life insurance is a unique asset and is favorably treated in our legal system for both tax purposes and for bankruptcy. Unfortunately, life insurance is often misunderstood by many Americans. Life insurance is essential to any financial plan. Life insurance may be used for risk management or for an endowment providing tax free cash flow to supplement retirement income. Life insurance may have increased importance to protect trust income form high tax rates if some version of Build Back Better becomes law.

To help you understand life insurance basics we have created this checklist to cover some of the key considerations.

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