Life Insurance

September 12, 2012   Estate Planning

Life Insurance: How Much Do You Need and What Kind Should You Buy?

You probably already know that life insurance can provide for your children, your spouse, a sibling, aging parents and others if you should die while they are depending on you to support them. Life insurance proceeds can provide extra income to help pay ongoing household bills and child care; pay off a mortgage, credit cards and other debts; pay for your children’s college; and pay your funeral costs and other final expenses, among other things.   A simple way to determine how much life insurance you need is to take the amount of income you want to replace and multiply it by the number of years you want to replace it. Keep in mind that there will be no personal expenses for you—food, clothing, travel, insurance and even taxes on your income—if you are no longer here....
June 11, 2012   Estate Planning

The Many Needs for Life Insurance in Our Lives

The two primary roles of life insurance are to (1) replace an income stream or (2) create wealth for our dependents after we die. Most people would agree if you have children (babies through college age) you need life insurance, but those who depend on us financially may also include our spouse, aging parents, siblings, and other family members with special needs. Perhaps the oldest reason to have life insurance is to pay final expenses (medical, funeral, burial, etc.). But life insurance can also pay off a mortgage, and it can play an important role in business, estate planning and charitable giving.   When considering whether or not you need life insurance, think about what would happen to your loved ones if you should die today. To help you, here are some ways life insurance can be...
March 26, 2012   Estate Planning

The Need for Life Insurance

Chances are great that you should have life insurance. Whether you can afford to buy it and what kind you need are just two of the many issues that confront us when we consider life insurance.There are few experiences more traumatic than trying to figure out one's life insurance needs. Many of us have a genuine fear of being underinsured, especially in the days of lengthening life expectancies and rising costs of living. How will my family pay the mortgage, pay for college, etc., and maintain the same standard of living should something happen to me? Insurance isn't a gambling proposition. But, alternatively, the insurance consumer frequently feels pressure to buy more than he or she needs."How much life insurance do I really need?" Perhaps the soundest approach to purcha...
Free Estate Planning Checklist

Free Estate Planning Webinar



Stay Updated

Stay updated by receiving updates to estateplanning.com's free resources, latest topics, premium content, upcoming events and more!

Subscribe to Our E-Newsletter