PREPARE Your Basic Estate Planning Package ONLINE Today!

Tamika M. Johnson
Attorney At Law

Tamika M. Johnson Attorney At LawTamika M. Johnson Attorney At LawTamika M. Johnson Attorney At Law
Home
Estate Planning
Forms
Videos
Presentations
About
Contact Us

Tamika M. Johnson
Attorney At Law

Tamika M. Johnson Attorney At LawTamika M. Johnson Attorney At LawTamika M. Johnson Attorney At Law
Home
Estate Planning
Forms
Videos
Presentations
About
Contact Us
More
  • Home
  • Estate Planning
  • Forms
  • Videos
  • Presentations
  • About
  • Contact Us
  • Home
  • Estate Planning
  • Forms
  • Videos
  • Presentations
  • About
  • Contact Us

FAQ's

Why Do I Need a Life Insurance Policy?

 

Life insurance is a contract between an insured or insurance  policyholder (usually an individual) and an insurer (a company), where  the insurer promises to pay a designated beneficiary a sum of money (the  benefit) in exchange for a premium, upon the death of an insured  person. The policyholder or insured typically pays a premium, either  regularly or as one lump sum. Other expenses, such as funeral expenses,  can also be included in the benefits if you don’t have a separate Final  Expense policy.


The average person does not have thousands of dollars saved while  they are living nor upon their death. With this being the case, ask  yourself, “Upon my death, how will my funeral or service be paid and  what will I leave to my loved ones?” At the same time, remember that if  you do have assets, creditors have priority over your beneficiaries in  order to recoup their losses, including but not limited to medical  bills, funeral expenses, lawsuits and nursing home costs.


In such a case, life insurance is a great tool to have since it  allows for you to leave your loved ones a large sum of money upon your  passing. This is especially important if you have minor children who you  want to go to college with minimum financial burdens, help with  purchasing a home or even starting a business. Life insurance also  relieves your spouse from being overwhelmed with household expenses,  especially if you are accustomed to a 2 person income.


If you have minor children and you leave them money from a life  insurance policy, it is a good idea to create a Life Insurance Trust so  you can stipulate when your child or children can get the money and for  what purpose. Otherwise, they get it all immediately through a guardian  who is appointed by the Probate Court Judge.


A life insurance professional can guide you as to whether you should  have a term or whole life policy depending on your circumstances.  However, regardless of what type of policy you choose, remember that the  older you get, the more expensive the premiums will cost you.

This website is designed for general information only. The information  presented at this site is not and should not be construed to be formal legal advice  nor the formation of a lawyer/client relationship.



Copyright © 2024 T. M. Johnson Law Firm, LLC - All Rights Reserved.



Office Locations:


1775 Parker Road

Conyers, Georgia



3100 Five Forks Trickum Road

Suite 102

Lilburn, GA 30047


MAILING ADDRESS: P.O. Box 80222, Conyers, GA 30013


  • Forms
  • Testimonials
  • Clients
  • Contact Us

Powered by