| We all know that at some point in our lives | | | | |
| the prudent thing to do is to buy some life | | | | What you need to think about is that the cost |
| insurance. Some people have definite ideas as | | | | of living, for a particular household, is not |
| to the type and amount necessary to fulfill | | | | going to change very much because one of the |
| their needs. Others find themselves in a | | | | breadwinners is no longer there...unless that |
| decision making dilemma. These people don't | | | | person is very extravagant. If it costs |
| know how much to buy or what type... | | | | $50,000 to live now, for example it will cost |
| | | | close to that amount after a spouse dies. We |
| You may say the easiest way to go is to ask a | | | | should therefore purchase sufficient life |
| life insurance agent. If you know a reputable | | | | insurance to assure the continuation of that |
| one that sells for a highly rated company | | | | persons income after death. |
| then go for it. If you don't then here are | | | | |
| some guidelines that you may find useful. | | | | Now, what type of life insurance should we |
| | | | buy. Term life insurance is a favored choice |
| Single Persons Insurance Needs | | | | but there are many term plans to choose from. |
| | | | Here is what you do. Decide how long a period |
| If you are single then the amount of life | | | | you will need the policy for and buy a level |
| insurance needed is whatever it will cost to | | | | term policy that will fit that tome period. |
| pay off your last expenses including funeral | | | | |
| costs. I refer to things like paying off | | | | Your youngest child is age 12. S/he is |
| outstanding debt that may leave a loved one | | | | expected to graduate by age 18 but you also |
| holding the bag. Attorneys fees and estate | | | | have to figure in 4 years of college. You |
| taxes should also be included. | | | | therefore need to buy a policy that would |
| | | | provide sufficient income until this child is |
| Needs Of A Married Person With Children | | | | age 22. You also should add an amount which |
| | | | would cover the college costs for all the |
| A married persons needs are a different | | | | children if you died. The same consideration |
| matter, especially if there are children | | | | goes for your spouse. A 10 year or 15 year |
| involved. Both parents work, more often than | | | | term policy would take care of this |
| not, in todays world. Both help with the | | | | situation. |
| maintenance of the household. If either | | | | |
| parent dies serious financial problems could | | | | You may also want to consider providing the |
| come into play. Regardless of whether or not | | | | life insurance coverage for a longer period |
| the income is coming in the bills have to be | | | | of time so that tour spouse is also taken |
| met. The rent or mortgage has to be paid, the | | | | care of. In this case you may want to |
| survivors have to eat and they also have to | | | | purchase a 30 year term policy. You can |
| wear clothes. They will continue needing a | | | | convert it to a permanent plan within a |
| car as well as sufficient funds to pay | | | | specific period of years, depending on the |
| utility bills. | | | | company you are dealing. On the other hand, |
| | | | you may choose to buy a permanent policy like |
| Every child today is involved in something. | | | | whole life, universal life, variable |
| It could be some kind of sport or other extra | | | | universal life or variable life policy which |
| curricular activities. All these things cost | | | | will give you the coverage from the outset |
| money. | | | | and continue for a longer period. |