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Will My Religion Affect My Life Insurance?

Life insurance is part and parcel of estate planning. Religion can play a primary role in that planning. In doing so, it can influence the purchase of your life policy.

Attorney Martin Shenkman writes about how religion can fit into a holistic approach to estate planning. He emphasizes that final medical decisions, funeral arrangements, and the distribution of assets can all reflect religious beliefs and philosophy.

Here is an example:

Agents and fiduciaries should be given guidance, and granted legal authority, to disburse funds for religious education (e.g. supplemental religious education or private school), religious travel (pilgrimages to holy sites), charitable giving (to inculcate a core religious value in heirs), and other purposes consistent with your religious goals. Boilerplate distribution provisions in many documents just won’t suffice.

Life insurance can be a primary instrument for fulfilling these goals. And it can do so in a manner that is more cost-effective than paying cash dollar-for-dollar, or liquidating investments at a discount. In this way life insurance is both a good deal financially as well as a vehicle for fulfilling spiritual aspirations.