{"id":3010,"date":"2024-10-21T09:14:49","date_gmt":"2024-10-21T13:14:49","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insightsfour-ways-to-use-life-insurance-in-your-wealth-planning\/"},"modified":"2025-11-24T10:37:49","modified_gmt":"2025-11-24T15:37:49","slug":"four-ways-to-use-life-insurance-in-your-wealth-planning","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/four-ways-to-use-life-insurance-in-your-wealth-planning","title":{"rendered":"Four ways to use life insurance in your wealth planning"},"content":{"rendered":"\n<p>In times of crisis, perspectives can shift in countless ways, often focusing more on things like life changes, family and money. That was certainly true during the COVID-19 pandemic, where, amid the biggest public-health crisis of our lifetimes, insurance suddenly came to the forefront of many people\u2019s minds.<\/p>\n\n\n\n<p>\u201cWe\u2019ve absolutely seen a resurgence of people focusing on life insurance in recent years,\u201d says&nbsp;Troy Randall, senior manager of Insurance and Annuities at RBC Wealth Management\u2013U.S. \u201cThe pandemic caused people to refocus on so many important things like family, legacy and their estate.\u201d<\/p>\n\n\n\n<p>While that renewed focus has been a good thing, Randall says,<span>&nbsp;<\/span>insurance planning<span>&nbsp;<\/span>should be an important topic for people during ordinary times as well as the extraordinary.<\/p>\n\n\n\n<p>According to data from the financial services trade group LIMRA, sales of individual life insurance policies jumped two percent in the fourth quarter of 2024, compared to the same period in 2023. Additionally, U.S. life insurance premiums set a record $16.2 billion in new sales in 2024.<\/p>\n\n\n\n<p>\u201cWhile those results are encouraging, the reality is that many people are still underinsured,\u201d says Michelle Gilly, an insurance and annuity consultant at RBC Wealth Management\u2013U.S.<\/p>\n\n\n\n<p>Indeed, according to a 2024 LIMRA study, a record-high number of Americans\u201442 percent, representing 102 million adults\u2014say they need (or need more) life insurance.<\/p>\n\n\n\n<p>\u201cLife insurance can do so much more than cover funeral expenses,\u201d Gilly says. \u201cIt can play a valuable role in\u00a0protecting a family\u2019s overall financial security.\u201d<\/p>\n\n\n\n<p>Here are four ways to effectively utilize life insurance in your wealth planning:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-tailor-your-insurance-policy-to-your-needs\">1. Tailor your insurance policy to your needs<\/h2>\n\n\n\n<p>Depending on the stage of life you\u2019re in and your personal circumstances, there are several different kinds of life insurance coverage available, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Term policies<\/strong> cover a set period\u2014say, 20 years\u2014and then expire at the end of that timespan, while charging relatively affordable premiums.<\/li>\n\n\n\n<li><strong>Whole life policies<\/strong> are a form of permanent insurance. They have set premiums (typically at a higher level than term policies), are tied to a fixed interest rate, and accumulate cash value at a predetermined rate on a tax-deferred basis. That cash value can be borrowed against if need be.<\/li>\n\n\n\n<li><strong>Universal life policies<\/strong> are another form of permanent coverage, with the cash value tied to rates that are managed and declared by the insurance company. As with whole life policies, the cash value can be borrowed against or withdrawn. These policies tend to offer more flexibility, allowing policyholders to adjust their premiums and death benefits as needed.<\/li>\n\n\n\n<li><strong>Variable universal life policies<\/strong>, meanwhile, allow the owner to choose how their cash value is invested to potentially produce greater returns (but also potentially greater losses). The death benefit and premiums are adjustable, as well.<\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/insurance-coverage-four-life-stages-you-need-to-prepare-for\">Protection needs evolve over time<\/a>, so it\u2019s wise to revisit your plan as your situation changes. If your term period is up, consider converting your term coverage into a permanent plan of insurance. Or, if you\u2019re thinking of canceling your permanent insurance coverage, consider repurposing it, where the cash value would be transferred into a new policy with a different type of coverage.<\/p>\n\n\n\n<p>&#8220;Sometimes when people reach their 70s or 80s, they think they don\u2019t need coverage anymore and just cancel their policy,\u201d Gilly says. \u201cBut there are options to repurpose it, such as into a policy that provides them with <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/plan-ahead-for-potential-long-term-care-expenses\">long-term care coverage<\/a>.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-don-t-limit-yourself-to-workplace-insurance\">2. Don&#8217;t limit yourself to workplace insurance<\/h2>\n\n\n\n<p>Many people (65 percent of employed Americans, according to LIMRA) secure life insurance through employer plans and then consider the matter settled. Instead, that workplace policy should be considered just one part of a larger strategy, Randall explains.<\/p>\n\n\n\n<p>That\u2019s because the median coverage in such workplace plans tends to be either a flat sum of $20,000 or one year\u2019s salary, LIMRA says. Is that enough to safeguard your family in the event of your passing? Likely not.<\/p>\n\n\n\n<p>It\u2019s also not typically portable, so if you move on from your current job or become unemployed, your workplace coverage comes to an end. That\u2019s why having an individual policy outside of work, in addition to any employer offering, can be a wise strategy for your family\u2019s future.<\/p>\n\n\n\n<p>\u201cFor most people, having both is a really good idea,\u201d Randall says. \u201cTake advantage of any group term insurance your company may provide as an employee benefit\u2014often at no cost up to a certain amount of coverage. And then if you also purchase some life insurance outside of your employer, you won\u2019t have to worry about coverage if you switch jobs or your health situation changes.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-remember-the-tax-benefits\">3. Remember the tax benefits<\/h2>\n\n\n\n<p>For high-net-worth families, life insurance can be a critical tool when it comes to the tax burden for heirs. If the value of your estate exceeds state and federal exclusions\u2014currently $13.99 million at the federal level\u2014then the next generation could face costly estate taxes. Those fees could force them into selling assets to cover the bill.<\/p>\n\n\n\n<p>Life insurance death benefits, on the other hand, could help them cover such taxes and avoid having to liquidate assets.<\/p>\n\n\n\n<p>\u201cOftentimes people utilize life insurance for estate-planning purposes to make the estate whole and provide liquidity to pay estate taxes when they pass away,\u201d Gilly says. \u201cEstate taxes can cut away at the amount children would inherit, so it\u2019s not uncommon for high-net-worth families to have an&nbsp;irrevocable insurance trust that owns policies on an individual or a couple.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-use-life-insurance-as-part-of-your-charitable-giving\">4. Use life insurance as part of your charitable giving<\/h2>\n\n\n\n<p>It\u2019s not just your heirs who could benefit from a comprehensive life insurance strategy; it\u2019s also a way to leave a legacy with the philanthropic causes that are most important to you.<\/p>\n\n\n\n<p>There are a few different ways to do that. One is setting up a charitable giving rider, which will pay a percentage of the policy\u2019s value to a charity of your choice. Another is a policy donation, where you transfer ownership to the charity, and the organization can then either eventually receive the benefits or surrender it for the cash value. If your permanent policy sends you dividends every year, you can direct those to charity. Or you can simply name a charity as a policy beneficiary.<\/p>\n\n\n\n<p>\u201cIt\u2019s a great way to leverage your dollars for charitable giving,\u201d Randall says. \u201cIn terms of having $100,000 to give to charity, for example, if you donate it right now, that money is gone. But if you put that money toward buying life insurance (via a single premium, lump-sum payment), that sum could potentially turn into $300,000 or $400,000 in benefits, and you could be leaving behind much more.\u201d<\/p>\n\n\n\n<p>Whatever route you choose for a life insurance strategy, timing is key. Due to age and any health issues, securing life insurance at a younger age can make it more affordable and more impactful.<\/p>\n\n\n\n<p>\u201cThat\u2019s true legacy,\u201d Randall says.<\/p>\n\n\n\n<p><em>This article was updated in Nov. 2025.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insurance planning can play a valuable role in protecting your family\u2019s financial security. Here\u2019s how to effectively integrate life insurance in your overall wealth plan.<\/p>\n","protected":false},"author":22,"featured_media":19813,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[130],"tags":[283],"rbcwm_content_owner":[],"rbcwm_need":[463],"rbcwm_segment":[460],"rbcwm_solution":[487,465],"rbcwm_topic":[464],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-3010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth-transfer","tag-insurance","rbcwm_need-protect","rbcwm_segment-individuals-and-families","rbcwm_solution-trusts","rbcwm_solution-wealth-planning","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"Insurance planning can play a valuable role in protecting your family\u2019s financial security. Here\u2019s how to effectively integrate life insurance in your overall wealth plan.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":"Trust services are provided by third parties. RBC Wealth Management and\/or your financial advisor may receive compensation in connection with offering or referring these services. Neither RBC Wealth Management nor its financial advisors are able to serve as trustee. Neither RBC Wealth Management, a division of RBC Capital Markets, LLC, nor its affiliates or employees provide legal, accounting or tax advice. All legal, accounting or tax decisions regarding your accounts and any transactions or investments entered into in relation to such accounts, should be made in consultation with your independent advisors. No information, including but not limited to written materials, provided by RBC WM or its affiliates or employees should be construed as legal, accounting or tax advice."},"rbcwm_insight_cta_id":[8484],"rbcwm_pagination":{"next_link":"","next_link_text":"","previous_link":"","previous_link_text":""},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Four ways to use life insurance in your wealth planning<\/title>\n<meta name=\"description\" content=\"Insurance planning can play a valuable role in protecting your family\u2019s financial security. 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