Life Insurance Review

End of Life Management Toolkit #4 | by Team Passare, Robert L. Shepard and Jeff A. Perry

6. Life Insurance Review and Getting Prepared

When meeting with a professional to get your life insurance application started, be sure to have the above referenced documents ready to show. A photo ID and proof of address will usually get the application started. You will likely also need to know your social security number or TIN (tax-payer ID number). By having documents and medical information on hand, the application process will go more quickly and smoothly. In many instances, you will need bank information, a check, or some form of payment for the first month’s premium to hand in with the application. This will sometimes provide you with temporary coverage while your application is processed. The more information and history you provide your agent/professional, the more quickly the application and underwriting process can go.

Questions to Ask Yourself
  • How much family income do I provide?
  • How many dependents do I have?
  • Do I need to set aside money for any dependent’ s education?
  • How will my family repay and handle debts after my death?
  • Will I need childcare or other assistance after my, or my spouse’s, death?
  • Are there any charities or organizations I would like to give money to?
  • Are there estate taxes to be paid after my death?
  • Which assets could my family sell or cash in to pay expenses after my death?
  • Will inflation affect future needs?
Questions to Ask Your Life Insurance Agent
  • Do premiums or benefits vary from year to year?
  • How much do the benefits build up in the policy?
  • What part of the premiums or benefits is not guaranteed?
  • What is the effect of interest on money paid and received at different times on the policy?
  • How quickly does the cash value grow?
  • What’s the difference between a stock and mutual company and how does that im pact me?
  • Is my policy participating and what happens to my dividends, if they are paid?
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