What Should I Consider When I Actually Buy Life Insurance?

When you buy life insurance, first decide how much you need to cover the financial effects of an unexpected or untimely death. Here are some questions to ask yourself:

  • How much of the family income do I provide?
  • If I were to die early, how would my survivors, especially my children, get by?
  • Does anyone else depend on me financially, such as a parent, grandparent, brother or sister?
  • Do I have children for whom I’d like to set aside money to finish their education in the event of my death?
  • How will my family pay final expenses and repay debts after my death?
  • Do I have family members or organizations that I would like to leave money?
  • Will there be estate taxes to pay after my death?
  • How will inflation affect future needs?

Remember to include individual, employer group insurance, veteran’s insurance and any other assets such as savings and investments. Don’t forget Social Security and pension plan survivor’s benefits.

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