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A recent study co-authored by Wharton’s Thomas Winberry reveals that financially constrained firms face a ...

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5 Budgeting Myths That Stop People from Saving

Budgeting is crucial for managing your money well. However, many people avoid it because they ...

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Do You Really Need Life Insurance in Addition to a Will?

September 16, 2019

If you don’t have any children and are currently not married, there’s a good chance you think you don’t need life insurance. If your first thought was that life insurance can help your family members pay for funeral expenses and you’re not concerned about that, you might have skipped the application and verification process for life insurance.

You’ll still want to consider life insurance, however, for plenty of other reasons, like funding your children’s education or the payment of debts. Regardless of your individual situation, there are plenty of reasons you might have avoided life insurance but should now consider it. Research from a national financial organization shows that less than 60 percent of people in the U.S. have life insurance and that many of those who do have a policy don’t have enough coverage to protect them and their loved ones.

Considering life insurance as part of the bigger financial picture can help you navigate complexities with your estate. Some of the ways that you can use estate planning include providing money to the people you love, using a universal life policy as additional retirement income, getting access to money if you get sick depending on your policy’s riders, protecting your company, and leave a legacy.

Providing a standard of living for you and your loved ones is a common goal for plenty of Americans. Having a way to support your family members gives you peace of mind and ensures that they have one less thing to worry about in the wake of your passing. Life insurance policies are paid through a claims department after your family has provided the proper documentation. This means that they can focus on other aspects of managing your estate, particularly for your executor or personal representative.

If you want to support yourself with a universal policy and also verify that your loved ones have a plan for the future, set aside time to speak with an experienced NJ estate planning lawyer today.


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Schedule your free Exploratory phone call

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can be of assistance.

Careers/Open Positions

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listings and become a part of an amazing team.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
How Financial Frictions Hinder Innovations

A recent study co-authored by Wharton’s Thomas Winberry reveals that financially constrained firms face a ...

The post How Financial Frictions Hinder Innovations first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
5 Budgeting Myths That Stop People from Saving

Budgeting is crucial for managing your money well. However, many people avoid it because they ...

The post 5 Budgeting Myths That Stop People from Saving first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more