Insurance
Products
 Life
Insurance
Why do I need
this insurance?
There are many
reasons for buying life insurance. If you’re
the primary wage earner in the family, life
insurance is a good way to help provide your
family with a stable financial future. If
you aren’t the primary wage earner in your
family, it’s important to have insurance to
help cover the financial burden of childcare,
funeral expenses, and other unforeseen costs.
While it’s
difficult to face our own mortality, planning for
it can ease the burden our loved ones will face
later. Purchasing life insurance can help
make a difficult situation easier by providing
death benefits for:
- unpaid
medical bills
- income
replacement for survivors
- final
expenses like burial costs
- unplanned or
emergency expenses
- your mortgage
balance
- future
education funds for your children
Remember, you can
also use some life insurance products:
- to help you
establish an estate plan
- as a
component to your savings strategy
- for
retirement income
- even to pay
for estate taxes
What should
I consider?
Every
person has a different idea of what financial
security means. If something should happen
to you, how much money would your family
need?should consider: You
- your current
debt
- expenses your
family can expect to pay after your death
- your family’s
future needs
- A general
rule of thumb to calculate your life
insurance needs is to multiply your
annual salary by seven.
- For a more
precise calculation, use King & I to
calculate a Needs Analysis
Worksheet.
- Once you’ve
determined how much life insurance you
need, the next step is to choose the right
company and understand your coverage options.
|
