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When purchasing life insurance, it is best to take every aspect of your finances into consideration. This way you can purchase enough insurance with which to support your family and cover all debts in the event of your death. There are several things to consider when making the decision to buy life insurance, and making sure your funeral expenses are covered is only the beginning. The following questions can help you determine an approximate amount of need.
1. How will my family be affected by the loss of my income?
This is one of the most important questions you should ask yourself before buying life insurance. If you are the sole or primary breadwinner, the loss of your income could be rather devastating to your family in a financial sense. Their complete standard of living could be drastically reduced, so it is best to think about their needs and safeguard their quality of life as best you can.
2. Will my mortgage be covered?
This is another of the primary questions you should ask when determining your insurance need. Your family will still need a place to live, and making sure that your mortgage is or will be covered is important to maintaining their well-being.
3. Will any other debts be covered?
Nearly everyone over the age of eighteen today has some sort of unpaid debt, whether it be credit card debt, school loans, auto loans, or personal loans. This debt can put a great burden on your family, so covering these obligations could further provide for their financial security.
4. Will my children’s education be provided for?
If you have children, it is likely that they will continue their education beyond the public school system. In the event of your death, would that be possible? Immediate futures are not the only things that should be taken into consideration when purchasing life insurance.
5. Will there be enough to cover my medical/funeral expenses?
Funeral costs continue to increase, as do medical costs, and health insurance, while extremely helpful, does not cover a hundred percent of all bills. If you are hospitalized for a lengthy period of time prior to death, these bills can add up quickly. A little extra “just-in-case” money wouldn’t be a bad idea when it comes to life insurance.
There are several other factors one might consider before purchasing life insurance, such as payment for services that may be needed that were previously provided by yourself (plumber, construction, etc.) and any reductions in household expenses, but these are some of the most major household concerns. Using these questions as a starting point, and following up by using our online insurance needs calculator, should provide you with a reasonably close estimate for your life insurance requirements.
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