The trust should make the premium payments not you. When you purchase a life insurance policy to insure your own life the benefit will be paid out when you die to a person or entity of your choosing known as a beneficiary.
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Brock is a CFA and CPA with more than 20 years of experience in various areas including investing insurance portfolio management finance and accounting personal investment and financial planning advice and development of educational materials about life insurance and annuities.
. Term life insurance on the other hand covers you for a set term. For instance you may purchase a 20- or 30-year policy depending on your age and how long you need coverage. If you dont have life insurance yet you can purchase a life insurance policy through the trustee.
The trust is the policyholder. If you already have a life insurance policy you can transfer it into the trust with a change of ownership form.
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