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Life insurance can protect your family or business upon your death. The benefits provided at death can take the place of some of the income you would have earned and help to:
Certain types of life insurance may also provide benefits for you and your family while you're still living. Policies such as whole life or universal life accumulate cash value on a tax-deferred basis, and that value can be used to supplement your retirement income or help provide for a child's education. Life insurance is an important part of anyone's financial portfolio. Financial advisors often recommend developing a financial plan that includes an appropriate amount of life insurance as part of a comprehensive strategy for financial security. |
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Your income can be considered your family’s most valuable asset because it allows you to obtain the necessities of life and, of course, lifes comforts. The day may come when you may not be here to provide that income, however the need for income may continue for those who are financially dependent upon you. Consequently, your need for life insurance and the amount required will depend on your personal and financial circumstances. If any of the following statements applies to you, you probably do need to consider life insurance: |
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In addition to the peace of mind that comes with knowing that you have provided for your family, there are several other benefits |
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So how much insurance do you need? One rule of thumb is to buy coverage equal to five to ten times your annual income. But that may not apply to you. Carefully evaluate your individual needs since the right amount of coverage depends on your personal circumstances. Some items to consider in determining your insurance needs:
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