When Buying
Life Insurance
When you buy life insurance, first decide
how much you need to cover the financial effects of an unexpected
or untimely death.
Here are some questions to ask yourself:
- How much
of the family income do I provide? If I were to die
early, how would my survivors, especially my children,
get by? Does anyone else depend on me financially, such
as a parent, grandparent, brother or sister?
- Do I have
children for whom I’d like to set aside money to
finish their education in the event of my death?
- How will
my family pay final expenses and repay debts after my
death?
- Do I have
family members or organizations to whom I would like to
leave money?
- Will
there be estate taxes to pay after my death?
- How will
inflation affect future needs?
- Remember
to include individual, employer group insurance,
veteran’s insurance and any other assets such as
savings and investments. Don’t forget Social
Security and pension plan survivor’s benefits.
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