Life Insurance is a general term that describes many types of contracts between an insurer and an individual. All life insurance policies share three key elements, an owner, an insured, and a beneficiary.
Generally speaking, most people decide to buy life insurance when they have people who are dependent upon them — children, partners or family members. They want to provide for their loved ones after they pass away, and do this by designating a beneficiary. Life Insurance can also be an important estate-planning tool and used to mitigate inheritance and estate taxes. The varieties and variations of life insurance products are endless and it's essential that you consult a trusted financial or legal advisor to understand exactly what you are buying when you purchase life insurance. Know whom you have designated as your beneficiary and review beneficiary designations regularly.
To make the most of your life insurance contract, consider if you still really need it.
If you answered "Yes" to any of these questions, it's time to review your beneficiary designation forms.
Any portion of your life insurance policy assets that you leave to OCC Foundation will be exempt from inheritance and estate taxes. You can leave all or a portion of your policy.