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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
January/February 2018
When Life Changes, Change Your Coverage
Many people buy life insurance, file their policy away and never give it a second thought. That can be a mistake. As life changes, it’s important to review your life insurance to determine if it still meets your changed circumstances.
When reviewing the adequacy of your life insurance coverage, take into consideration the following events:
Marriage and divorce
You may want to increase your life insurance coverage when you marry to provide financial protection for your new spouse. Life insurance can be used to replace lost income, pay off a mortgage and provide for your children in case you or your spouse dies unexpectedly. In case of a divorce, life insurance can help ensure that your children continue to be financially protected.
Births or adoptions
If you have recently welcomed a child into your family, you may want to consider increasing your coverage. In the event of your death, life insurance proceeds could help ensure that your loved ones wouldn’t have to go without. And with the cost of college constantly rising, life insurance could help fund your children’s future education.
Buying a home
Life insurance benefits can help keep your loved ones in the family home, especially if you carry a sizable mortgage.
Children leaving the nest
Your needs may change once you pay off your home and your children move out on their own. Life insurance can help provide a financial safety net for your spouse after you’re gone. This may be especially important if your spouse is younger than you and could face many years on his or her own.
Ill health of a family member
You may have a parent who is ill or needs care. If you die unexpectedly, life insurance benefits can help provide for an elderly parent—or special needs child—who depends on you for financial support.
Adding new debt
You don’t want to leave your spouse saddled with debt, so make sure your coverage is sufficient to pay off what you owe.
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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.
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