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Life Insurance
Life insurance is a funding mechanism — permanent or temporary—that can assist in solving business or personal financial problems that arise in certain situations; estate transfer, income preservation, estate tax, business ownership transfer, retirement income and family protection.
Life insurance is not a commodity. It is a tailored product that requires expertise from multiple disciplines. SKCG works with clients, their attorneys and accountants, to craft an appropriate plan. The firm then works with quality insurance carriers to find the right type of life insurance that meets the design criteria.
Life Insurance Checklist
As you start to consider the types and amounts of life insurance that are appropriate for you, you'll need to answer the following questions:
- Would your family's financial security be at risk if you were to pass away prematurely?
- How much money will your dependents need in order to live comfortably after you're gone?
- What are your monthly expenses, including mortgage payments and utilities? Could your family afford to continue living in your home?
- How much debt would you be leaving behind (including any medical or estate expenses) that your family will need to be able to pay off?
- Could your children's college educations be paid for?
- How about any emergency expenses, such as an expensive home repair?
- How much coverage can you afford? How high a premium can you pay on a monthly basis? Quarterly?
- What is the claims‐paying ability of the insurance company you're considering, and how is the company rated by industry experts?
- Will your family need assets to handle taxes on your estate?
- Business owners: Will your successor have enough assets to purchase your interest in the business in the event of your death or disability?
SKCG can help you sort through the types of life insurance best suited for you and your family, including term, whole life, universal life and variable life. If you have any questions or need more information, contact us at info@skcg.com oor call 800‐922‐0666.