Share

Minneapolis Estate Planning and Probate Lawyer Blog

Friday, July 22, 2011

Financial Friday: Protect your Loved Ones With Life Insurance

I previously introduced you to Jay Dworsky, a guest blogger who will be covering financial topics for Unique Estate Law. We will be featuring Jay in our new Financial Friday series: each Friday we will be bring you Jay’s expertise on financial issue that affect your unique family. Jay continues his series on life insurance considerations for unique families with a post on questions to as in determining your life insurance needs.

How much life insurance do you need?

Your life insurance needs will depend on a number of factors, including the size of your family, the nature of your financial obligations, your career stage, and your goals. For example, when you’re young, you may not have a great need for life insurance. However, as you take on more responsibilities and your family grows, your need for life insurance increases.

Here are some questions that can help you start thinking about the amount of life insurance you need:

  • What immediate financial expenses (e.g., debt repayment, funeral expenses) would your family face upon your death?
  • How much of your salary is devoted to current expenses and future needs?
  •  How long would your dependents need support if you were to die tomorrow?
  • How much money would you want to leave for special situations upon your death, such as funding your children’s education, gifts to charities, or an inheritance for your children?
  • What other assets or insurance policies do you have?

These are just a few questions to get you started thinking about your life insurance needs.  My next few posts will discuss different types of life insurance and why it can be critical for non-traditional families.

Creative Commons License photo credit: amypalko


Archived Posts

2014
2013
December
November
October
September
August
June
May
April
March
February
January
2012
December
November
October
September
August
July
June
May
April
March
February
January
2011
December
November
October
September
August
July
June
May
April
March
February
January
2010


From within Hennepin County Unique Estate Law represents estate planning and elder law clients throughout Minnesota, including Minneapolis, Edina, Bloomington, St. Louis Park, Minnetonka, Plymouth, Wayzata, Maple Grove, St. Paul, and Brooklyn Park. The Minnesota law firm of Unique Estate Law focuses on all aspects of estate planning, including specialized wills, trusts, powers of attorney and medical directives for married couples, young families, blended families, single parents, gay families and those going through a divorce. Unique Estate Law also handles probate administration, asset protection, Medical Assistance planning, elder law, business succession planning, adoptions and cabin planning.



© 2014 Unique Estate Law | Disclaimer
3800 American Blvd., Suite 1500, Bloomington, MN 55431
| Phone: 952-955-7623
333 Washington Avenue North, Minneapolis, MN 55401
| Phone: 952-955-7623
5775 Wayzata Blvd., St. Louis Park, MN 55416
| Phone: 952-955-7623

Business Succession Planning | Planning for Children | Estate Planning | Asset Protection | Estate Planning for Unmarried Couples | Cabin Planning | Special Needs Planning | Small Business Assistance | Estate Planning for High Net Worth Individuals | Estate Planning | Fees | Probate

TwitterLinked-In PersonalLinked-In CompanyBlog RSS

Attorney Website Design by
Amicus Creative