When you started your first “real job” it is likely that you were seated in an orientation session that included an explanation of your company paid benefits. At that time you were probably told that you would be given a certain amount of life insurance at no cost with the option of increasing your coverage and paying for this additional protection out-of-pocket.
If you started your career as a single person the company paid insurance may have seemed ample. But once you get married and you have someone else depending on your income a new paradigm exists. And of course when you have children your family is all the more reliant on you financially.
Because of the above it is very important to take life insurance seriously and make sure that you always have sufficient coverage. Life insurance is one of the basics of any rudimentary estate plan and it is extraordinarily important to make sure that your family will be able to weather the storm should the unthinkable take place.
It should be noted that there can be tax advantages and other protections involved in utilizing a life insurance trust when you are endeavoring to protect your loved ones and this is something to keep in mind.
The best way to proceed when you are interested in taking action to provide for your family come what may is to engage professional assistance. If you’re ready to get started, right now would be a good time to set up an informative consultation with a licensed Hartford estate planning lawyer.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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