Welcome to the Passare Expert Series, a forum where we give our panel of experts an opportunity to speak directly to you. Today we’d like to introduce Passare contributor Jeff Perry, a licensed agent with New York Life Insurance Company.He will advise you on how to build an insurance strategy that will meet your End-of-Life goals.
Passare: Welcome Jeff, we are pleased to have you as a Passare partner. Why is life insurance such an important part of a solid Estate Plan?
Jeff: I’m happy to be part of the Series. Life insurance plays a key role in any Estate Plan because it helps protect your assets while giving you peace-of-mind. Whether you’re considering life insurance or a long-term care policy, a solid insurance plan eases some of the financial fears that comes with End-of-Life.
Passare: When it comes to Estate Planning, how do you determine coverage that is right for you?
Jeff: Life insurance policies can cover a range of expenses like any outstanding debts you may have (like your child’s education or paying off the home mortgage). My advice is to talk with an insurance professional that will listen to your concerns and recommend a policy that best suits your needs. In many cases, the best recommendation is a combination of policies.
Passare: Can you give us an overview of the different types of insurance policies typical in an Estate Plan?
Jeff: Here is an overview of the “big four”; each serves a specific purpose:
Universal Life Insurance
This is a great policy for people who have fluctuating seasonal income like teachers because it provides flexibility with the amount of premium you pay each month. You can lower your premium when business is slow and raise it when your income is higher. This allows you to keep your policy enforced without having to pay a set amount each month. During good months, you may even opt to contribute more so your policy grows.
Read Jeff Perry’s full interview here.