As painful as it may seem, advance planning can help you avoid legal
battles and other emotionally exhausting experiences during one of
the most difficult times of your life. If you have children or complicated
financial assets, it’s even more crucial that you plan now to protect
them later.

Get legal advice. Check your wills. Make sure you are each [...]

Your need for life insurance may decrease over time, allowing you to reduce or eliminate insurance premiums and benefit from accrued cash values.

Stop making premium payments on any term coverage that is no longer necessary for your designated beneficiary.
Reduce the death benefit of a policy if some coverage is still needed.
Call the customer service department [...]

The best life insurance to have is the kind that is in force when you die. But since most of us live a long time, some thought should go into the type of contract we choose.

Determine how long you want your life insurance coverage to be in effect - for example, from now until your [...]

Even if you’re not in the best of health, life insurance coverage at a reasonable cost is possible.

Write down the names, addresses, and phone numbers of all the medical professionals, agencies, clinics, and hospitals you have used in the last 10 years.
Make a list of the medications you currently take. Be specific about the exact [...]

“Borrow” money from a cash value life policy as an absolute last resort. If you own a home, consider an equity line before borrowing from your cash value. With an equity line, your interest is deductible and you will most often get a better rate than the insurance company is willing to offer. (See How [...]

Having too little life insurance can be devastating to your family should you make an early exit. Having too much is an utter waste of money. That makes knowing how much you need–and what type of coverage is best for you–a critical decision.

Determine if you need life insurance. If no one, such as a spouse [...]