SOURCE: World Financial Group, Inc.

December 03, 2012 06:00 ET

World Financial Group: Life Insurance Can Be Useful for Legacy Planning

A Recent Article, Which Recently Drew the Attention of World Financial Group, Underscores Some of the Oft-Overlooked Benefits of Life Insurance

JOHNS CREEK, GA--(Marketwire - Dec 3, 2012) - Most consumers are aware of the basic benefits offered by life insurance, but a recent news column underscores some of the oft-overlooked uses of a life insurance policy -- namely, uses in legacy planning. The article notes that life insurance plans generally have relatively small annual premiums, but relatively large death benefits -- meaning that the owner of a life insurance policy can ultimately make a significantly larger gift or charitable donation than would otherwise be possible. The column was noticed by World Financial Group (WFG), a company that believes in the importance of educating clients about the complexities of life insurance.

World Financial Group affirms the observations noted in the news column. According to the statement, WFG notes that life insurance offers a wide range of options to choose from and doesn't just cover one aspect of life, so it's necessary that clients ensure they consider all options available.

The column itself offers several tips for using a life insurance policy in the service of legacy planning. The easiest way to make a sizable donation, the column states, is to name a charity or non-profit organization as the beneficiary of a life insurance policy that the individual already owns. This means that the donation is both a future gift and a revocable gift, as the donation is not made until the policyholder dies, and the policyholder remains in control of the policy until his or her passing.

For a more permanent option, individuals can transfer an existing life insurance policy to the charity or organization outright. This qualifies as an irrevocable gift.

World Financial Group strives to educate and inform clients about the various life insurance options available as well as the pros and cons of each. The company believes that it is important for consumers to consider all of their options, both in terms of different life insurance plans and the different uses of life insurance payouts.

ABOUT:

World Financial Group, Inc. is a financial services marketing company whose affiliates offer a broad array of financial products and services. WFG's independent associates, located throughout North America, strive to help individuals and families often overlooked by the financial services industry to plan for their financial futures, advocating the power of choice for clients through agreements with several of the financial and insurance industries' leading companies.

WFG is a business unit of the Life & Protection (L&P) Division of Transamerica. Through L&P, the Transamerica companies offer a wide array of life and health protection solutions with a common purpose: to protect families and their dreams. With more than a century of experience, Transamerica has built a reputation on solid management, sound decisions and consumer confidence. For more information, visit www.transamerica.com.

World Financial Group Headquarters: 11315 Johns Creek Parkway, Johns Creek, GA 30097-1517. Phone: 770.453.9300. WorldFinancialGroup.com