Life Insurance Needs Analysis

April 9, 2010

By: Kevin Spafford, Farm Journal Columnist

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The potential devastation from untimely death is not worth the risk. This threat can be financially devastating to even the most sound operation. Planning for sudden contingencies is critical to agribusiness financial health, employee peace of mind and your family's financial security. Life insurance is designed to provide money at the very time it is needed most.

Estimations
Final Expenses	$
Outstanding Debts	$
Specific Needs	$
Educational funds	$
Income Replacement	$
Operation Overhead Fund	$
Estate Tax and Transfer Obligations	$
Administrative Expenses / Probate Fees	$
Equitable Transfer Fund	$
Total Life Insurance Required	$
Less: Current Life Insurance	< $ >
Life Insurance Needed	$

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COMMENTS (1 Comments)

ROBERT - CROGHAN, NY
Our son is intending to own our farm. Could it be advantageous to him to buy a new whole life policy and pay the premiums on his 69 yr old father as a means to provide an inheritance for his siblings? He, of course, would deduct the policy's face amt from what he would owe us for the farm. I'm wondering if this would be a means to sell him the far m at a cost which he could afford. Would this cause adverse liablity to his parents?
5:42 PM Aug 29th

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