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Mullooly Asset Management

Fiduciary Fee-Only Financial Planner | Investment Advisor in Wall, NJ

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Timothy Mullooly - How Much Life Insurance Will I Need

How Much Life Insurance Will I Need?

December 1, 2014 by Thomas Mullooly

A question that frequently comes up in our client financial planning sessions is, “How much life insurance will I need?”. On this week’s Mullooly Asset Management video, Tim shares the six main questions people who want life insurance need to answer.

It’s important to keep in mind that your answers to these questions will change over time. Revisiting these questions every few years is a smart idea! Your answers will be much different at age 30 than they are at age 60.

The Six Life Insurance Questions to Ask Yourself

1.) How many people depend on YOUR earning capacity?
2.) How much money would your dependents NEED for living expenses?
3.) How LONG will it take for your dependents to become self-sufficient?
4.) Will there be substantial DEBTS that should be paid when you pass away? (Think mortgage!)
5.) Will you owe TAXES on your estate? Also, remember there will be INCOME TAXES from your final year too!
6.) What are your “final” expenses? Funerals cost more than you think these days.

This is a basic financial planning question that comes up often at Mullooly Asset. Hopefully you’ll find Tim’s video helpful, and feel free to contact us with any questions at all!

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Filed Under: Videos, Financial Planning Tagged With: Financial Planner

About Thomas Mullooly

Thomas Mullooly is owner and founder of Mullooly Asset Management, Inc. In 2002 Tom opened Mullooly Asset Management, a fee-only investment advisory firm. As an investment advisor, and not a broker, Tom works strictly for his clients. With the help of point and figure charting, Tom builds a realistic game plan for clients.

1971 State Route 34, Suite 102
Wall Township, NJ 07719

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The information on this website and blog do not involve the rendering of personalized investment advice. A professional advisor should be consulted before implementing any of the options presented. None of the content contained in this website should be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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