Question: I have been approached to buy a Universal Life (UL) product for legacy planning. Do you think I should buy the UL? Answer: Actually you have been approached to buy an insurance product and has nothing to do with legacy planning. Another word for legacy planning is estate planning. Estate planning is not about buying a product. Many salespersons use the excuse of ‘legacy planning’ to push products to their clients without determining whether is it suitable or not. The goals of legacy or estate planning are :

• To ensure the individuals’ dependents are taken care of if the individual is mentally incapacitated or pass away.
• Some individuals want their grandchildren to be taken care as well.
• To ensure the family wealth is preserved as there is fear that the beneficiaries could unwisely spent it away.
• If there is a business involve, legacy planning includes business succession planning. This ...

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