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Life Insurance: When is Enough Enough?

Life insurance for tomorrowIf leaving an inheritance is important to you, start this process by taking an inventory of all your assets.

Look at how they may factor into your support during retirement and see what might be left as an inheritance. This exercise may result in discovering that you already have money that will make a nice inheritance for your children someday in investment or retirement accounts. In addition, your primary residence could be a source of inheritance.

Before you buy more insurance, talk with an estate planning attorney about your options. Your attorney will help you review your situation and make projections for where your assets may be in the future.

If you conclude that more insurance is needed, you’ll have to decide the type. Term insurance can be a cost-effective way to provide income replacement during your working years, but look at your policies to be certain you know how the premiums may change in the future.

You can also consider policies like whole or universal life. These may be a better choice for leaving an inheritance. The annual premiums for permanent insurance will be greater for a similar amount of coverage, but these policies can accrue cash value that can be used while you are still alive.

When you weigh your new insurance options, it’s critical to calculate the cost of the premiums into your current and future budget.  No legacy is worth compromising your quality of life to pay for it.  

Reference: NJ 101.5 (June 27, 2016) “Do you need more insurance?

 

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Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.