3 Key Points for Life Insurance


Life insurance is not a fun topic.  It means that someone has kicked the bucket or you are planning on someone kicking the bucket. Usually people don’t like to dwell on if they have enough insurance.  But let’s be good to our partners, my savvy LGBT friends and figure out pretty quick if we have enough insurance. Here are three things to look at:

•    How much is your mortgage and how much longer to pay it off?
o    This is usually the biggest debt a person has

•    How much outstanding debt do you have as a couple?
o    Outstanding credit card debt, car loans, etc.

•    Do you want to provide living expenses for your partner or children?
o    Are they going to miss your income? Do you want to leave them something to get by until they are settled? Do you want your children’s college expenses taken care of?

Add up the numbers and the time frame. This gives you a “quick and dirty” amount of life insurance that you’ll need and for what time frame. Most of these items can be covered with a term life insurance policy. Term life is something that you purchase as an individual.

Insurance can be complicated. You may have a need for more or less, depending on your individual situation. I suggest meeting with an ADPA designated financial advisor to help you better understand your individual needs.

What is the biggest fear you face if you unexpectedly pass away?



Sharon_Herman_HeadshotSharon L. Herman AAMS, ADPA is the CEO of Silver Key Wealth Management, and affiliated with LPL Financial, the largest independent broker/dealer* in the United States.

The opinions expressed in this material do not necessarily reflect the views of LPL Financial.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Independent Financial Partners, a registered investment advisor and separate entity from LPL financial.

Ms. Herman may only discuss and/or conduct transact securities business with residents of FL, MI, GA, VA, NJ, TX.

*Financial Planning Magazine (June 1996-2013 based on total revenue)


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