Life Insurance Planning

We believe that you should have no more or no less coverage than you need to protect yourself and your loved ones in the event an illness, injury or catastrophe strikes.

While the calculation of your insurance needs can be quite complex, resist focusing solely on the income that would be lost if you were to become ill or pass away. Instead consider the actual needs and lifestyle expenses of those you wish to protect.

The main purpose of life insurance is to provide resources at your death for someone who depends on you for either monetary or other personal support. Few of us like to think about these issues, but the proper and creative use of protection planning strategies to minimize exposure to risk is something even fewer can afford to ignore.

While calculations of your insurance needs can be complex and should be part of a comprehensive financial analysis here are a few basic questions you may want to consider:

• Who will be affected by your death?
  
• Is there a financial need?
  
• Should you take responsibility for it?
  
• Will the remaining income cover expenses AND allow needed savings for your survivor’s needs?
  
• Do you have a mortgage that needs to be either paid off or annual funded annually?
  
• Do you have other Debt?
  
• College tuition expenses that have not been funded yet?
  
• Will your estate be subject to taxes or other expenses?