Life Insurance

/Life Insurance

Life insurance is something that is vital for every adult, and some children. Life insurance provides a death benefit when one is needed most, when someone has died. There are multiple types of life insurance including term, universal life and whole life.  Within those broad categories there are certain subsets like annual renewable term insurance, variable universal life insurance, indexed universal life insurance, blended whole life insurance etc. I try to help people understand how much and what kind they might need to research.

Why Don’t People Audit their Life Insurance?

It seems that everyone who pays close enough attention to their finances audits their auto/homeowner's insurance as well as compare credit cards to make sure they are getting the *best* deal out there, but no one talks about auditing their life insurance. What Does Auditing One's Life Insurance Look Like? Just like everyone should know what their balance sheet looks like everyone should have an intimate knowledge of their protection coverage. I shudder every time I hear a friend or family member say, "I think I have $X but not too sure." You aren't sure? You don't know how well or how poorly you [...]

By |2016-03-07T23:13:24-04:00October 24th, 2013|Life Insurance|6 Comments

What is an Insurable Interest?

It just seems almost self evident that if you are applying for life insurance there is probably a reason for it (i.e. a close family member, a business partner, etc.), however, it may not be simple.  Whether it be based on common law or statutory law every State has a different definition for insurable interest.  While the topic likely doesn't matter for most people it is an interesting area of the law that has a lot of history. What is an Insurable Interest? New York is one of those States that codified the definition.  Insurance Law § 3025 reads in part, (a) In [...]

By |2014-05-28T23:44:37-04:00October 23rd, 2013|Life Insurance|2 Comments

How Do You Want Your Survivors To Live? Are You Set Up That Way?

I believe that people often forget the real reason for most life insurance policies which is to provide for your family if you were to prematurely pass away.  With that being said, the next question is "how much" do you want to provide? I was talking to The Wife recently about my previous upgrade and update of of life insurance and she thought I was overinsured! I couldn't believe it, because the insurance is for her and my child(ren).   Regardless of the amount of insurance I purchase my clear goal is not to die early. What Does My Current Life Insurance Provide [...]

By |2013-09-26T14:51:16-04:00August 15th, 2013|Life Insurance|5 Comments

If You Have been Thinking About Getting Life Insurance Now is the Time

I recently updated, upgraded and increased my life insurance and with the paperwork finally all completed I can finally say...there is no reason to delay and I should have looked at my insurance sooner!  For purposes of this post it doesn't matter what type of life insurance we are talking about, if you are thinking about increasing it DO IT SOONER THAN LATER. There are two reasons why you should look into your life insurance sooner than later.  One has to do with the life insurance companies and the other is you. Life Insurance is Becoming More Expensive I can tell you [...]

By |2013-09-26T14:51:27-04:00May 10th, 2013|Life Insurance|1 Comment

Choosing a Life Insurance Beneficiary

I think that the beneficiary status on a life insurance policy is an often over looked when handling one's finances and estate planning, however, for many it is the largest asset they leave behind for their heirs and should be handled with care.  As with everything on this site, I am not providing legal or financial advice, but rather, giving you some thoughts that you can bring to your professional (be it legal or insurance). Lets say you are in the majority of people and do not have your life insurance owned by a trust (often referred to as an ILIT) does this [...]

By |2013-09-26T14:52:52-04:00April 15th, 2013|Life Insurance|0 Comments