Estate Planning
The act of planning how your assets will be handled and distributed after you pass away. Life insurance is often a key component of estate planning.
Detailed Explanation
Life insurance can provide funds to pay for estate taxes, funeral costs, and to provide financial support to heirs.
Practical Example
David worked with an estate planning attorney to create a plan for his assets. His life insurance policy was a crucial part of this plan, providing funds to his children and helping to cover potential estate taxes.
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