Many people want to leave a financial legacy as they pass away. Our team of qualified insurance professionals at Bacon Insurance Group in Richmond, VA can help you find a life insurance policy that provides a death benefit that can make a major impact on the beneficiary’s life after your passing.
Whether you know you want to hold a life insurance policy or you’re on the fence about it, you should do your research to have a solid understanding of the difference between a life insurance death benefit and other forms of provision for your loved ones after you’ve passed.
What’s the Difference Between a Death Benefit and Inheritance?
When a loved one passes away and leaves their family members or friends with some kind of financial provision, it can relieve some of the burden for the family that comes with losing a family member. Even if you don’t have any family left or anyone whom you would like to receive an inheritance or death benefit, you might find that it can help you to have a semblance of peace as you face the transition from life to death to leave a legacy of a death benefit with your favorite charity or organization.
While an inheritance involves bequeathed assets that are laid out in a will or other official document related to estate planning, a death benefit can only be paid out if the person holding it has a life insurance policy.
Consult With Us
In short, a death benefit is paid out from a life insurance policy. Conversely, an inheritance is designated to the recipient in a will. An agent at our office could give you a better idea of more nuanced distinctions.
For more information, call Bacon Insurance Group in Richmond, VA today.