Life Insurance Review

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

Life Insurance Review Checklist

This life insurance checklist includes items to think about before you meet with a licensed life insurance agent. It will help the agent gather all information in order to figure out the policy that’s right for you.

General Questions
What would you like your life insurance policy to achieve?
Pay funeral arrangements?
Pay the outstanding balance owing on a mortgage and other debts?
Offset the loss of your income? For how long?
Contribute to the future education of your children?
Who would you like to insure?
Your own life
Both you and your spouse (joint life insurance policy)
Benefit to the survivor
How long will you need life insurance?
When will your mortgage be paid off? The amortization period of your mortgage will often determine how long your term life insurance policy should be.
When will your children be finished with school? Once they finish their education, having enough coverage to pay their educational expenses won’t be necessary.
When are you planning to retire? You will have less income to replace at that time.
How much coverage can you af ford?
How high of a premium can you pay on a monthly basis?
Quarterly?
What is the claims-paying ability of the insurance company you’re considering?
How is the company rated by industry experts?
Do you have the proper supplemental riders?
Waiver of premium.
Long-term care coverage.
Low-interest withdrawal privileges.
Are you making the most of your annual policy dividend distributions?
Do your policies contain guaranteed interest provisions?
Your Assets
How much money do you have in your savings account?
How much money do you have in your checking account?
How much do you have in an IRA, 401(k), or in another retirement account?
Do you have any stocks or bonds?
Do you own any real estate?
Do you own a car, a boat, or another vehicle?
Your Income
How much is your annual salary?
Do you have income from other sources? (Social Security, pension, real estate income, investment income or dividends, etc.)
Your Liabilities
Do you have a mortgage? How much do you owe per month?
Do you rent your home? How much do you owe per month?
Do you have student loans? How much do you owe per month?
Do you have unpaid medical bills? How much do you owe per month?
Do you have unpaid taxes? How much do you owe per month?
Do you have credit card debt ? How much do you owe per month?
Do you have insurance (health, auto, home, flood, etc.)? How much are the premiums?

 

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