Practical Guide for Individuals and Families

Life Insurance ChecklistOrganize Needs Before You Decide

Use this checklist to learn how to evaluate coverage needs, compare common policy types, and prepare questions. It is educational. It is not a quote or an application.

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Check items as you go. Bring a printed copy or your notes to a complimentary Atlas VirtualWealth session. Atlas Benefits Advisor explains your options in plain language so you can decide what fits.

1. Determine Your Coverage Needs

Calculate income replacement needs (commonly 10–20× annual income as a starting point) Include major debts (mortgage, student loans, personal loans) Factor in future expenses (education funding, childcare, aging parents) Include final expenses and a modest emergency reserve List existing group life coverage from work and what happens if you leave the job

2. Choose the Right Type of Coverage

Term Life: Temporary coverage, typically lower cost, well-suited for income protection during working years Whole Life: Permanent coverage with guaranteed cash value and level premiums Indexed Universal Life (IUL): Flexible premiums with potential for cash value growth linked to a market index

3. Coordinate With Retirement Plans and Benefits

Review how life insurance works alongside your 401(k), 403(b), 457(b), or pension Confirm beneficiary designations on retirement accounts and existing policies Learn the tax treatment of different policy types and death benefit proceeds

4. Questions to Ask Your Advisor

Which insurance carriers are you recommending and why do they fit my situation? What are the long-term costs, guarantees, and potential risks of this policy? How does this policy coordinate with my existing benefits and retirement plans? What ongoing reviews and support do you provide after the policy is in force?

5. Common Mistakes to Avoid

Buying insufficient coverage relative to actual needs Choosing a policy based only on the lowest premium Not reviewing your policy every 3–5 years or after major life events Forgetting to update beneficiaries after marriage, divorce, birth, or other changes

Beneficiary Forms and Basic Estate Documents

Your pension, 403(b), 457(b) and life coverage usually go to the people named on each form, not the people named in a will. If a form is out of date, money can go to someone you did not intend.

Beneficiary Review

☐ I have a current primary and contingent beneficiary on my pension and every retirement plan.
☐ I have current beneficiaries on life coverage through work and on my own policies.
☐ I reviewed my forms after any marriage, divorce, birth or death in the family.

Many families also talk with an attorney about a will, a power of attorney and a health care proxy. An estate planning attorney can help with those documents.

Ready to Talk Through Your Checklist?

Schedule a complimentary Atlas VirtualWealth session. We go at your pace and help you learn your options clearly. No pressure. No obligation.

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Frequently Asked Questions

Who is this life insurance checklist for?

Individuals and families who want a practical way to organize coverage needs, policy types, and questions before a conversation. It is educational and is not a quote or an application.

Does this checklist replace a personalized review?

No. It helps you prepare. Coverage amounts, policy types, underwriting, and costs depend on your health, budget, existing group coverage, and goals. A complimentary Atlas VirtualWealth session can walk through your answers.

Should I include group life insurance from work?

Yes. List employer group coverage first, then compare it with what you would need if you left the job. Group amounts often end or drop at separation.

Is the Atlas VirtualWealth session complimentary?

Yes. The first Atlas VirtualWealth session is complimentary and comes with no obligation. We go at your pace.

Does my will control who gets my retirement plan?

Generally the beneficiary form controls a retirement plan, not the will. An estate planning attorney can explain how this works for you.

Keep the Conversation Simple

Bring this checklist to your Atlas VirtualWealth session. We will walk through what you already have and what, if anything, still needs attention.

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Atlas Benefits Advisor
Christopher J. Vargas, LUTCF®
President & Chief Benefits Strategist
410 Motor Parkway, 2nd Floor, Hauppauge, NY 11788
Call: (631) 389-2358 (voice only) · Text: (631) 904-0901
cvargas@atlasbenefitsadvisor.com
admin@atlasbenefitsadvisor.com
Hours: Monday to Friday, 9:00 a.m. to 5:00 p.m.; Saturday by appointment only

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