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The purpose of life insurance
isn't to benefit the person who gets it – they are already
dead, but it's to benefit the family and loved ones of the
deceased. If you pass away your family needs the assurance
that
they can survive financially without you. You may be the only
person in the household who brings in the bucks so you don't
know what will happen if you pass on.
Some main points about life insurance:
-Its purpose is to replace income lost to your absence
-Any mortgages or debts can be paid off
-Credit card and other consumer-related debts and fees that
are owed can be automatically paid off with benefits from life
insurance
-If you are planning on sending your children to
post-secondary education than this can be a great help
-Any final expenses that are owed by family members can be
finally paid off
The main rule for purchasing life insurance is to make sure
you buy enough for 8-10 times the person's income and
sometimes even more depending on your income. Some questions
you may need to ask yourself
include:
-Do you have a large mortgage to pay off?
-Do you have more than one child that needs to attend
post-secondary education
-Is there anybody in your family that has some medical expense
that is somewhat overwhelming?
If your answer to any of those three questions was once than
you need to seriously consider the amount of life insurance to
purchase. If you need help than you can contact a life
insurance agent and they can
help you with your big decisions. Make sure you discuss this
sort of thing with your spouse if you have one and any other
important family members.
Source: http://www.rlrouse.com |
