Conversations that have to be had before its too late

March 12, 2019

Family discussion: Are we insured or are we still Gofunding in 2019?

1) Do you have life insurance for you, your spouse, and child(ren)? Is it a personal policy or through your job?  If it is through the job, ask your HR what happens if you go out on FMLA, leave the job, or retire?

2) Is it Whole life or term? If it is term when do premiums increase? Will you be able to afford the increase? Who is the owner? Which company? How much are the premiums? (This needs to be known in case they are ever sick and unable to make payments, to ensure that policy does not lapse).

3) Who is the beneficiary? Do they have a copy of your policy?

4) Do you want a traditional funeral or cremation? Will your policy be covering the expenses?

5) If you don't have a life insurance policy, what is your plan?

6) If there are minor children who is the preferred guardian, if parent die(s)? Is there a separate life insurance policy to assist with transition and care of the child(ren)?

It is a good idea for a copy of every member of the family's life insurance policy be somewhere that is easy to access. 

By: Layla Bluefort, MSW

March 12, 2019