William Penn Life, 2013 (48. évfolyam, 1-12. szám)
2013-09-01 / 9. szám
Illustration: © Pictac/ Moneywise with Jeff DeSantes Review your life insurance coverage WITH SUMMER coming to an end, now is the perfect time to call your WPA agent and ask for a comprehensive review of your current life insurance coverages. As I've written before, you should review your coverage every few years, not only to check the beneficiaries but also to make certain that you have coverage that is adequate and appropriate for your current circumstances. This review should include reviewing your assets and determining the amount of your debt. You should identify your monthly, quarterly and annual expenses. Then, calculate your income in order to make an appropriate estimate of the life insurance coverage you would need to ensure your family could continue in their current lifestyle if you were to pass away. Remember, you want to have sufficient life insurance to cover all immediate necessities as well as provide a means for your family to pay off some or all of your debt at the time of your death. You need to also consider the costs of funeral and burial expenses when reviewing life insurance coverage. In addition, you need to periodically review who you have named as beneficiaries of your insurance policies. Marriage, birth or adoption of children, divorce, becoming a grandparent, retirement—all these life events can affect your beneficiary designations. Some people should not be named as beneficiaries. Inappropriate beneficiaries include minor children, minor grandchildren and persons who are impaired and deemed unable to make financial decisions on their own. If you designate such inappropriate beneficiaries, the proceeds of your insurance policies may be turned over to the courts for administration. A conservator will be appointed by the court to hold or invest the money appropriately. In the case of a minor, once he or she reaches age 18, the child will receive all of the money. Conservatorships involve court costs and attorney fees. They also require annual reports that must be filed with the court to approve the expenses and investments of the proceeds of the conservatorship for the duration of the conservatorship. If a conservatorship is opened for an impaired person, it can continue until that person dies. A review of your life insurance should be done frequently to make certain that negative consequences do not happen and to ensure that your beneficiaries are current. A review will also help determine whether or not you need to purchase additional life insurance, whether or not your term life insurance policies are about to expire or need to be renewed, and whether you should look at different types of policies. To avoid these common mistakes, you should contact your trusted WPA agent. Your agent can guide you in the right direction so that you can consider all of your options and make an educated and informed decision when purchasing and maintaining life insurance. When selecting life insurance coverage, remember to look at all facets of your life to determine the amount and type of coverage you need. □ Í ristine r0\\ege of Art , he\0r of f'ne » Ä A * *•senior pids, 987 An active Pr e’s interior ts degree in 35 years, ChnsW g home September 2013 ° William Penn Life income and onto Medicare. As an agent with American Senior Benefits, Christine has the opportunity to offer products from industry leaders to meet the Medicare supplemental, long term care insurance, life insurance, final expense insurance, income replacement and fixed-indexed annuity needs of retirees. A native of Michigan, Christine moved to Massachusetts in 1986 to raise her family. She enjoys the beauty, beaches and boating that Cape Cod has to offer and enjoys spending time with family and friends, cooking and sailing. She is a member of the Cultural Center of Cape Cod, Visual Arts Cooperative and Bass River Yacht Club, is former treasurer of the Bass River Civic Association, and is a former trustee of the South Yarmouth Library Association. Christine enjoys abstract oil painting and participates in local art shows and gallery exhibits. □ tiijoiicI imw
