Life Insurance

• Do both spouses need life insurance?  If so, how much?

• Do your children need life insurance?  If so, how much?

• Do you need permanent insurance or temporary insurance?

• Do you have life insurance?

  • Do the premiums increase each year?  If no, will they increase at some point?

  • What is the purpose of the life insurance? 

    • To provide cash to replace lost income?

    • To provide liquidity for

      • Cash to surviving spouse from the sale of business interests

      • Debt payoff

      • Estate tax payment

 

Disability Insurance

• Do both spouses need disability insurance:  If so, how much?

• Do you have disability insurance?

  • How long do you have to be disabled before benefits are paid to you?

  • How long do the payments to you last?

  • Do the payments increase over time?

  • Is the income taxable to you?

  • Does it cover you from the inability to work in your own profession, or any profession?

  • Does it cover you from a partial disability or from a total disability?

 

Long-term Care Insurance

• Do both spouses need long-term care insurance?  If so, how much?

• Do you have long-term care insurance?

  • What is the amount of coverage?

  • Does the coverage increase over time?

  • Does the coverage amount vary if it is in a facility or home care?

  • How long will your coverage last?

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Property Insurance (Automobile, Homeowners, Condo, Renters)

• Do you have adequate insurance coverage on your property?

• Do you have the proper individuals listed on your policy?

• Are the deductibles at an appropriate level?

 

Liability (“Umbrella”) Insurance

• Do you have adequate coverage?

• Are the underlying coverages at the appropriate levels to avoid a gap in coverage?