Death is one of things that no one likes to talk about. Yet, protecting loved ones from the financial consequences of death is one step you can take to gain confidence for you and your loved ones. And this is where life insurance enters the picture.
Life insurance may be for you if you have a family or spouse who depend on you for financial support, if you work at home providing your family with such services as child care, cooking, and cleaning, or want to protect a surviving spouse against the possibility unexpected medical expenses. And individuals with substantial assets may need life insurance to help reduce the effects of estate taxes or to transfer wealth to future generations.
Determining what type of insurance depends on your goals, while deciding on an appropriate amount of coverage requires an assessment of your needs. Some approaches use a formula based on your income, while others factor in future liabilities, such as mortgage debt, college expenses, and estate taxes. The bottom line is quite simple: Dont go it alone. Enlist the services of a qualified life insurance professional to help you determine the type and scope of coverage that best suits your financial objectives.