A generation ago, clients had no residual value from their retirement plans. Life insurance was needed to provide a financial legacy. Today, the largest asset in many people’s estates is the value of their retirement savings.
That’s greater, in most cases than the value of their home. Is there a need for life insurance?
Today, people live longer. Is the value of life insurance still there? Many sell the house in which they raised their family and downsize, or move to an assisted living facility. Most don’t have any federal estate tax liability (at least under current law). The state estate taxes, if any, are at rates lower than capital gains. So, who needs life insurance?
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