One of the reasons athletes are successful is they get up and do the hard preparation, even when they are tired, aching or simply wanting to do something else.
Is life insurance on your “to do” list but never quite makes it to the top?
If you procrastinate, not only will you end up paying more in premiums (life insurance rates are based in part on your age) but it may also cost you in loss of control in providing for your loved ones.
The more you prepare, the more you can direct how your legacy will be passed to your heirs.
Here are a few tips to help you prepare to ace your life insurance plan:
1. Life changing events
Did you have any life changing events this year? Life changing events include marriage, buying a home, having a first child or additional children, children leaving the nest, divorce, inheritances, new business, job change, or retirement.
2. Expenses
What major expenses would your loved ones need to cover in your absence? Think about both short-term expenses cars, such as, food, estate taxes and funeral expenses etc. Also, think about future long-term expenses that you may want to cover such as mortgage, college loans/tuition, business transition, etc.
3. Family members
Are there any family members who you are responsible for? It may include children, family members with special needs, parents, siblings, etc.
4. Business
Do you have an ownership in a business that needs to be factored into your life insurance plan? Working with your financial professional, you can set up a plan to help with common business issues such as business succession and rewarding key employees.
5. Income and savings: What are your other sources of income, such as a spousal income, inheritances, retirement accounts, and savings? Do you own disability income insurance? In addition, how much in Social Security benefits do you anticipate receiving in retirement? Knowing what you have in additional income and savings is a key component to determining how much life insurance you’ll need.
The contemporary life insurance market is way more extensive than a source of income for beneficiaries when catastrophe strikes. With a plethora of options, these plans offer you and your entire family peace of mind, and often give your money investment opportunity to allow you to enjoy the money invested during your lifetime.
Choosing the perfect life insurance plan depends as much on your financial needs as it does on your health class rating. We will assess all factors and guide you through every option until we find the perfect plan for you.
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