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