Insurer

Life Insurance

Why do I need Life Insurance?

* If you are a wage earner and someone depends on you, life insurance is a vehicle to protect the financial well being of that individual.
* During your lifetime you have certain financial goals. Life insurance is a way to achieve those goals for those you leave behind.
* If you are in debt, life insurance is used to protect the person you are indebted to.
* If you are a key person in a company, your loss could mean a real financial loss to that company. Life insurance insures that potential loss.
* If you are a partner in a business, if you were to die, life insurance allows the partner to buy your share of the business from your heirs.
* Life insurance could help pay estate taxes.
* If you have a favorite charity, life insurance can help you give to that charity after you are gone.

How much Insurance should I have?
A simple formula that works is between 5 and 10 times your income. If you can afford 10 times, in our opinion, that is what you should have. If it is needed to protect your business, key person, or buy/sell agreements, then your accountant should be able to tell you.

What kind of Life Insurance should I buy?
Probably term, maybe some permanent. There are three factors to consider when purchasing life insurance: the amount purchased, the length of time needed for the coverage and affordability. The most important factor is the amount purchased. You should have the maximum coverage that is needed for protection. If you have less than is needed, when you die, whoever you are trying to protect will suffer a hardship.

Check out LifeInsurance.net.