Hi, I’m Paul.
Ask ten professionals how much life insurance is advisable and you are likely to get ten different answers. We recommend the following detailed three step-process to get a better idea of your particular life insurance needs. There isn’t a one-size-fits-all answer to the life-insurance question and we’re happy to help you optimize this part of your estate planning process.
If you have questions about the process, I’m here to help. There is no commitment and we provide free initial 15-minute phone calls. We look forward to meeting you.
Choosing Life Insurance: Step 1
Choosing Life Insurance: Step 2
Choosing Life Insurance: Step 3
Life Insurance Example
Harry and Wanda Smith have two young children. Harry earns $80,000 a year and Wanda earns $50,000 a year. The couple has two children. The couple assumes that they could earn a modest 5 percent on investments in the current economic climate. They have $150,000 in personal investments and in their retirement plans. Use their calculations as a model for your own:
The answer you get after completing this three-step process is only a rule of thumb, but it will give you a ballpark figure that will let you know if your current insurance is adequate, or if you might actually be under-insured.
For a conversation about optimizing the use of life insurance as part of your overall estate plan, give us a call! We frequently help clients in estate planning, elder law, and conservatorship cases at the DeKalb County Probate Court, take advantage of free initial 15-minute phone call with a probate attorney in Atlanta.
