Qualified Plans such as IRAs, 401(k)s, and 403(b)s were designed to do one thing: defer taxes on retirement savings. They were not, however, designed to pass wealth from one generation to the
next. In fact, most savings vehicles are not designed for asset transfer. The absolute best vehicle to accomplish this for you is life insurance. Death Benefit proceeds from life insurance are passed down to your beneficiaries income-tax free. IRAs and 401(k)s, on the other hand, will be 100% taxable to your beneficiaries, transferring less value than you may have intended.
Please Note: The information contained in this Web site is provided solely as a source of general information and resource. It is a not a statement of contract and coverage may not apply in all areas or circumstances. For a complete description of coverages, always read the insurance policy, including all endorsements.