Answers - Insurance

Estate planning is about making sure you take care of your spouse and family should you pass away. Life insurance plays a critical

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

role in assuring their comfort.

Most people view life insurance as a one dimensional tool. They know and understand its value as a

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

means of replacing the lost income of the policy holder for a certain length of time after his death. It is a means of protecting t

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

e family and dependents from financial disaster in the case of untimely and unexpected death. Fewer people have learned of the use

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

f Life Insurance as an investment instrument that is capable of supplementing other elements of a comprehensive retirement plan.

E

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ven fewer people fully understand the value of life insurance in estate planning. Life Insurance is a tool that can be used to tran

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

fer wealth from one generation to the other in a manner that minimizes the amount of that wealth lost to taxes. There are several w

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

ys that this can be done and it makes your Life Insurance agent a partner in the estate planning process in the same manner he is a

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

partner in your personal finance planning and investment planning.

The basic death benefit from an insurance policy often makes up

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

a large portion of the estate of the deceased person. This is why the taxation implications and the selection of beneficiaries is

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

n important element. It also illustrates how all of the various financial planning areas must be coordinated. The basic life insura

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ce policy will play a role in both financial planning and estate planning. It also might very well figure in retirement planning.

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ne example of how life insurance can play a creative roll in the transfer of wealth while minimizing taxation is the use of the $10

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

,000 tax free yearly gift allowance. It is possible to make a yearly tax free gift to a child with the intention, but not the requi

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ement, that the money is used to pay a premium on a life insurance policy. The life insurance policy is just about the only investm

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

nt vehicle where the full amount of the return is available from the first day of the investment. You can imagine how much life ins

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

rance can be purchased for a premium of $10,000 yearly. The full amount of this policy represents wealth that is protected from tax

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ation.

There is no question that your life insurance agent can be a trusted partner in the estate planning process. The ability to

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

transfer control of your policy to a Living Trust and the investment and taxation implications for your beneficiaries are just two

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

xamples of the kinds of estate planning questions that you will need the guidance and advice of an insurance professional to answer

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Answers - Why Life Insurance Should Be Part of Your Estate Planning

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