INSURANCE PLANNING QUESTIONS
Life Insurance
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Do both spouses need life insurance? If so, how much?
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Do your children need life insurance? If so, how much?
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Do you need permanent insurance or temporary insurance?
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Do you have life insurance?
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Do the premiums increase each year? If no, will they increase at some point?
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What is the purpose of the life insurance?
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To provide cash to replace lost income?
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To provide liquidity for
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Cash to surviving spouse from the sale of business interests
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Debt payoff
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Estate tax payment
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Disability Insurance
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Do both spouses need disability insurance: If so, how much?
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Do you have disability insurance?
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How long do you have to be disabled before benefits are paid to you?
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How long do the payments to you last?
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Do the payments increase over time?
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Is the income taxable to you?
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Does it cover you from the inability to work in your own profession, or any profession?
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Does it cover you from a partial disability or from a total disability?
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Long-term Care Insurance
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Do both spouses need long-term care insurance? If so, how much?
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Do you have long-term care insurance?
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What is the amount of coverage?
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Does the coverage increase over time?
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Does the coverage amount vary if it is in a facility or home care?
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How long will your coverage last?
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Property Insurance (Automobile, Homeowners, Condo, Renters)
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Do you have adequate insurance coverage on your property?
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Do you have the proper individuals listed on your policy?
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Are the deductibles at an appropriate level?
Liability (“Umbrella”) Insurance
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Do you have adequate coverage?
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Are the underlying coverages at the appropriate levels to avoid a gap in coverage?