SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
Beth A. Botti, CFP®, ChFC, CLU, CDFA™
Financial Consultant
California Insurance License #0G24537
612 Wheelers Farms Road, Milford, CT 06460
Phone: 203-877-6556 Ext. 169
Fax: 203-301-0736
Email: beth.botti@equitable.com
November/December 2017
Let's talk insurance Q&A
Q. I have named my only living relatives, some nieces and nephews, as beneficiaries of my life insurance policy. How can I be sure that my life insurance policy proceeds do not go unclaimed?
A. A letter of instruction, which lets your family know where you keep your policy and other personal records, is a must. In its most general terms, a letter of instruction provides specific information concerning the composition, location and intended disposition of your assets. It should list the names and contact information for all beneficiaries of life insurance policies and bank, brokerage and retirement accounts. Like other estate documents, a letter of instruction should be updated at least annually and kept in a safe place where your executor (or personal representative) and relatives can easily access it. It may be helpful to let your intended beneficiaries know that you plan on leaving each of them a share of your life insurance proceeds.
Q. The standard advice I’ve heard from many people is that I should get enough life insurance to equal eight to 12 times my annual income. Does this advice make sense?
A. It’s just a rule of thumb. It’s probably smarter to obtain a more precise estimate of what sum would be sufficient to cover your specific situation. Think about how much would be needed to pay your family’s day-to-day expenses, handle outstanding debts, set money aside for unexpected emergencies and cover the future costs of educating your children if you were no longer around. You should factor in other issues, such as whether you are the sole earner in the family, the number of children you have and how much debt you are carrying. Your insurance professional will be able to help you run the numbers.
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
GE-6572038.1 (4/24)(Exp. 4/26)
CFP®, and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
www.equitable.com
Check the background of this investment professional on FINRA's BrokerCheck
Equitable Advisors, LLC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.