The reason why many decide to purchase life insurance is that it often helps them reach their financial goals. In some cases, life insurance can even provide individuals with benefits while they are still alive. Selecting the proper type of life insurance, however, can be challenging. Fortunately, an experienced estate planning attorney can help you obtain the best possible life insurance for your situation. This article will discuss some of the advantages (as well as disadvantages) involved with life insurance in an estate planning context. The Benefits of Life Insurance Life insurance offers some unique benefits, which include the following: After a person’s death, compensation from life insurance policies helps provide survivors with financial security. In comparison to other types of accounts like Roth IRAs, life insurance policies are not as restricted by tax requirements. This means that compensation administered after a person’s death is often tax-free. Another tax advantage provided by life insurance policies is that the value of the benefits grows at a tax-deferred rate while the insured is alive. Life insurance policies also offer the tax advantage that cash withdrawals up to the total of the life insurance policy can be made free of income tax. If [...]