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Creating a Legacy is an Act of Love.

 

Are You Leaving a Secure Financial Legacy?

Think about the word legacy. What comes to mind? You may be thinking about the legacies of your parents, your grandparents, and the generations before them that continue to influence your life.

You’re creating a legacy as well, whether you realize it or not. Sharing your memories, stories, and traditions with family members is one way you may already be creating a legacy. Another important part of creating a legacy is to make sure that your loved ones are financially secure even if the unexpected happens and you’re no longer around to support them. That’s what’s known as a financial legacy.

Think about what might happen if you died and your family suddenly lost not only you, but your income. You may want your financial legacy to include making sure your spouse has the funds to stay in the family home. Or, you may want to leave enough money so your children can pursue a college education. It’s a lot easier to set a course once you think about who you want to protect and how.

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How Life Insurance Can Help You Leave a Financial Legacy

Life insurance is one way to help you leave a legacy to your family and make sure their financial future is protected. With life insurance in place, your beneficiaries will receive a lump sum of money when you die. Typically, your beneficiaries won’t have to pay any taxes on the money they receive from your life insurance policy.* That’s good news, because they’ll be able to enjoy the full value of the payment.

Here’s another way a life insurance payment can minimize the impact taxes may have on your family: A portion of the death benefit from a life insurance policy can be used to pay any taxes that may be due on your estate. That way, you know you’ll be passing on the full value of your estate to your heirs.

Of course, you'll want to speak to your tax advisor about your personal situation before making any decisions that may impact your or your family's tax burden.


Guarantee Your Legacy Stays Intact

It’s a common misconception that all permanent life insurance policies will last for your lifetime. But that’s not always true. The good news is that there are some policies that may have a feature known as a “guarantee against lapse” or a “no-lapse guarantee.”

The guarantee against lapse ensures that the death benefit portion of your financial legacy is secure no matter what. Your coverage will stay in effect as long as the premium is paid regularly and on-time. A life insurance policy with a no-lapse guarantee can help you feel more confident about the financial legacy you’re leaving to your loved ones.


Build Your Legacy Your Way. Your Financial Advisor Can Help.

There’s no one right way to create a legacy, but life insurance can help. Permanent insurance can be used to strengthen any plans you already have in place or be the foundation of your legacy. Just remember, the most important part of any legacy plan is knowing that it will remain intact for future generations, no matter what.

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Contact your financial professional and ask how you can leave a financial legacy with life insurance.

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How Life Insurance Helped Me Get on With Living

Life insurance provides a cash payment that can help take care of immediate expenses following the death of a loved one. Read this widow’s story about how life insurance helped her following the unexpected death of her husband.

Universal Life Insurance

One type of insurance you may consider when planning your legacy is universal life insurance. A key feature of universal policies is the death benefit guarantee. You can customize the guarantee so that it lasts for as long as you live. Prudential has four universal life products including PruLife Universal Protector.

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Footnote

* per IRC §101(a).

Guarantees are based on the claims-paying ability of the issuing insurance company.

Life insurance policies contain exclusions, limitations, reductions of benefits, and terms for keeping them in force. A financial professional can provide you with costs and complete details.

PruLife Universal Protector is issued by Pruco Life Insurance Company in all states except New York, where it is issued by Pruco Life Insurance Company of New Jersey. Each is a Prudential Financial company located in Newark, NJ, and is solely responsible for its own financial condition and contractual obligations. The contract number is ICC16 ULNLGA-2016 and ULNLGA-2016; it may be followed by a state code.

1020283-00001-00 For Compliance Use Only:1020283-00001-00 Ed. 06/2019 Exp. 01/22/2021

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