Benjamin Franklin put it most eloquently when he said, "in this world nothing can be said to be certain, except death and taxes." Hopefully, you'll have a lot of living and joy in the interim, but planning for certainties only makes sense. This is why it's important to devote some time and resources to such things as tax planning, estate planning, and setting up the right life insurance policy for your needs.
What Does Tax Planning Have to do With Insurance?
Most people wouldn't equate tax planning with life insurance, but the two easily work in tandem. For example, if you have a permanent life insurance policy as opposed to a term insurance policy, there is an investment component. The investments will grow tax-sheltered, which allows for greater accumulation over the life of the policy. Also, the proceeds from any type of life insurance policy are generally paid tax-free to your beneficiaries. Finally, if you do have assets that are going to be subject to an estate tax, property taxes, or other business taxes, the proceeds from an insurance policy can help your beneficiaries to meet these obligations.