Long Island elder law attorneys help you to make plans to provide for your loved ones even if something happens to you. There are many different steps that you might have to take to provide adequately for your loved ones. One of those steps may involve purchasing life insurance.
Purchasing life insurance makes sense for many people to ensure their loved ones are provided for. Mark S. Eghrari & Associates, PLLC can help you to determine if you should buy life insurance as a part of your efforts to protect and provide for your loved ones in the event of your death.
We can also help you to determine the amount of coverage you may need and can assist with making a decision on how to structure the policy, including whether you should have the death benefits from your policy paid out to a trust.
To find out more about how our Long Island elder law attorneys can assist you with the creation of an estate plan and with the decision on whether to purchase life insurance, give us a call today.
Should You Buy Life Insurance?
The purchase of life insurance is very important if you have anyone who is dependent upon your income. If your spouse needs your paycheck to pay the mortgage on a shared home, for example, you do not want to leave your spouse without a way to afford to keep the house after you are gone.
If you have children, the purchase of life insurance can also be important. Raising children and paying for their education is very expensive and you want to ensure that your children will be provided for even if something should happen to you before those children become adults.
These are not the only circumstances where having coverage makes sense either. Even if you are not earning income, you should make certain that you have life insurance if someone is depending upon you for services.
For example, you may have aging parents who you provide care for who might need to hire a caregiver or even move to a nursing home if you weren’t able to act as their caregiver any longer. If you care for children, someone might also have to be hired to watch them and provide the household services that you are currently offering. A life insurance policy ensures that there is money available to pay for the services that you will no longer provide if you pass away.
If you do not yet have anyone who is currently depending upon you, it often still makes sense to purchase a life insurance policy. If you someday will have a family or others who need your services or who you help support, you will need a policy in the future. Buying a policy now while you are young and healthy ensures that you will be able to get affordable coverage. You avoid the risk that you could be disqualified from being able to get insurance if you later develop a condition that makes you uninsurable.
These are just a few of many examples of circumstances where buying life insurance will be important to you. Those who own a business or who have special family circumstances such as a disabled loved one may also need to purchase a policy.
Getting Help from Long Island Elder Law Attorneys
Long Island elder law attorneys at Mark S. Eghrari & Associates, PLLC can provide help and support as you make decisions about what type of insurance you need. We can also help you to make other key decisions necessary to make an estate plan that works to protect the people you love.
For example, if you are purchasing a life insurance policy to provide for a disabled child or to provide for a child who is not yet 18, we can work with you to create a trust to serve as the beneficiary of the life insurance policy so the policy proceeds can be managed appropriately and not cause a loss of access to any means-tested benefits.
To find out more about the services that we can provide, join us for a free seminar. If you are ready to get personalized help with making your plans to provide for your family after you are gone, give us a call at (631) 265-0599 or contact us online today.
- Three Tips to Provide Inheritance Planning Insight - June 11, 2021
- Veterans Pension Can Defray Long-Term Care Costs - June 7, 2021
- How Can a Special Needs Trust Trustee Use the Funds? - June 3, 2021