Hartford estate planning lawyers offer assistance to clients in making a plan for their legacy. Most people want to ensure their family members are fully cared for after they pass away. This can mean using a variety of estate planning tools to facilitate the transfer of assets. In some cases, it can also mean purchasing a life insurance policy.
Not everyone needs life insurance, but many people do. Nirenstein, Horowitz & Associates can work with you to determine if a policy is a wise purchase given your particular circumstances. Our legal team can also advise you on how much life insurance to buy, and on whether you should make your loved one a direct beneficiary or you should have your life insurance benefits paid out to a trust.
You need to make smart choices about life insurance long before you pass away and, in many cases, even before you get sick. You don’t have time to waste in determining if buying a policy is important for you, so call Hartford estate planning lawyers at Nirenstein, Horowitz & Associates today for help.
Do You Need Life Insurance?
There are many circumstances in which the purchase of life insurance becomes important. You may need life insurance if:
- You have a spouse who depends upon your income
- You have a young child and want to ensure your child is financially provided for – and the child’s education costs are covered — if you pass away before the child is an adult.
- You have a spouse or children who depend upon the services you provide (such as childcare as a stay-at-home parent) and who would have to pay for someone to provide those services if something happened to you.
- You have a disabled child who will need lifelong care and you want a life insurance policy to provide for his or her support when you pass on.
- You have debts that someone else has co-signed for and you don’t want the co-signer to become solely responsible for the repayment of those debts if you pass away.
- You have elderly parents or other relatives who you provide financial support or services to.
- You have a valuable business or other significant illiquid assets and you want a life insurance policy available so the death benefit from the policy could pay the estate tax that will be due after your death.
If you are single with no dependents, buying life insurance may not be as important to you. However, you may decide later on in life to marry or have a child. Your elderly parents or other relatives could also become dependent upon you in the future. If you may need life insurance some day, it is often best to buy a policy as soon as you can.
Policies will become more expensive as you get older, so it could potentially be a smart move to buy a policy when you are young and the insurance is more affordable – even if you won’t need coverage until years later when you actually have a child or spouse. Buying a policy when you’re young, even before you need it, can also protect you from becoming uninsurable if you develop a serious medical condition later. You will already have your coverage in place if you get sick, so won’t be left in a situation where you can’t get the insurance your family needs.
While this means that most people do need life insurance, there are some limited circumstances where coverage isn’t necessary. If you are older, your home is paid off, you no longer need to worry about your children’s education and you have a nest egg in the bank to provide for your family, buying a policy may no longer be necessary.
Getting Help from Hartford Estate Planning Lawyers
Hartford estate planning lawyers at Nirenstein, Horowitz & Associates can assist you in purchasing an appropriate amount of life insurance, making plans for the distribution of the life insurance death benefit, and otherwise taking the necessary steps to protect your loved ones.
To find out more about the many ways in which our legal team can assist you in providing for your family after you pass away, join us for a free seminar. If you are ready for advice on life insurance or other estate planning issues, give us a call at 860-548-1000 or contact us online today.