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The following is a guest post. Enjoy!
A BRIEF SYNOPSIS OF AGE-BASED COVERAGE
HOW MUCH COVERAGE DO I NEED? QUESTIONS TO ASK
- How much of the income generated by your family do you supply?
- If tragedy were to strike, by what means would your family get by? Do they have any support other than what you provide?
- Do you financially support any family members that aren’t an immediate part of your household? (i.e. grandmother in a nursing home, a home nurse for another relative, etc.)
- How much money do you want set aside for your children to attend college?
- Do you currently have any debt that you’re paying down? If you were to pass, would your family inherit the responsibility of that debt?
- Are there trusts for your children, or grandchildren, you want to establish?
- Is there a charitable organization that you support that you wish to leave money to?
- Will your family inherit any applicable estate taxes, if you were to pass?
- Have you considered how inflation will affect the future needs of your family?
No matter your age or where you live, it’s important to get the right information when considering coverage. Life insurance shoppers should do their research before pulling the trigger and always use a trusted provider.
How about you all? Do you have life insurance yet? If so, how did you make the decision that you needed the coverage? What type of coverage do you have – term, whole, or universal?
Share your experiences by commenting below!
***Photo courtesy of http://farm4.staticflickr.com/3579/3684862431_73e0e0cf5a.jpg