What is an irrevocable life insurance trust?

If you’ve thought seriously about life insurance, it may be because you have kids. Helping ensure that children are well-cared for is a major reason people decide to purchase life insurance. Some parents also take the extra step of placing their life insurance policy in an irrevocable life insurance trust, or ILIT, typically to give their kids another layer of protection. Read on to learn how an irrevocable life insurance trust works.

Don’t assume that, if a loved one passes away, you will automatically be contacted by their life insurance company. If you think someone might have left you some money from a life policy, there are things you can do to find out.

Purchasing life insurance can be a big step towards helping provide financial security for your loved ones. But many people feel like once they sign their policy — whether it’s a term or whole life plan — they can set it and forget it. And that’s not the case.

Whether you’re receiving money from a loved one’s policy or want to make it easier for your beneficiaries to collect the life insurance money you leave them, it helps to know the life insurance beneficiary rules and procedures.

If you’re buying a new home or changing insurance companies, a home insurance inspection may be needed. You may not be entirely familiar with a home insurance inspection and have some questions. Continue reading to get some answers.

Change is inevitable. So, as life happens and different events occur, it might be a good time to consider switching your auto insurance coverage.

You buy home or renter's insurance in case something bad happens. But how do you know what your stuff is really worth? An accurate inventory will help.

Reading a homeowner’s insurance policy can be intimidating. With all the jargon, exclusions, and conditions you'll see, you may start thinking that Mom was right—maybe you should have gone to law school after all!

Let's take a look at some of the factors life insurance underwriters review when evaluating risk and approving insurance coverage.

Talking about life insurance with loved ones can be difficult. Here are some tips you can use to start the discussion and make picking a good plan possible.

Marriage can be an exciting chapter in life, filled with shared responsibilities and future planning. In this video, we explore how life insurance can help protect newlyweds’ joint financial commitments, support growing families, and adjust to changing circumstances like retirement or divorce. Whether you're just starting out or reassessing your policy after years of marriage, understanding how life insurance fits into your journey can help provide financial security for your loved ones.

Has your family grown? Life insurance may be essential for new parents or growing families. Learn about life insurance policies that could help provide additional financial coverage for your family.

Building wealth is typically a gradual process that requires preparation and patience. For some, it may even involve learning new skills like budgeting and investing. Here are 13 financial habits that could help you build wealth into the future.

Wondering how to save money on groceries? We’re all feeling the effects of increased prices at the store. From 2021 to 2022, U.S. grocery prices rose by 11%. (1) In 2025, prices for all food are predicted to increase an additional 2.4%. (2)

Don't put it off. You can take five steps that are simple and free to help protect your digital identity today. Here's how.

If finding tips on how to budget isn’t exactly the first thing on your to-do list, don’t worry, you’re not alone. However, the budgeting process could go a long way towards improving your financial wellbeing. You could even describe it as necessary, helpful, and easier than you think.

Accidental Death & Dismemberment (AD&D) insurance is designed specifically to cover certain accidents. It provides a payout in the event of death or permanent physical injury due to a covered accident. AD&D insurance is very different from traditional life insurance. Depending on your needs, you may want both kinds of coverage.

Living insurance is another name for a type of insurance that has been around for a while — it’s also sometimes called Accidental Death and Dismemberment (AD&D) Insurance. Sound familiar? Let's learn more.

Watch this video to learn what makes AD&D and life insurance unique, and understand which options could be the right fit for you and your loved ones.

In this video, find out how AD&D insurance is different than life insurance and how it could make a big difference if there’s a loss of income in certain accidental scenarios.