The primary purpose of life insurance is to provide for those left behind if a breadwinner is lost.
Here are some of the financial reasons why you may need life insurance protection:
- To pay off final expenses including medical bills & funeral costs
- To provide a source of replacement income for your spouse & family
- To pay off a mortgage or other significant financial obligations
- To provide funding for your children’s education
- To provide funding for your spouse’s retirement
- To provide a financial cushion to give your family time to adjust
For many people determining how much life insurance they need is a daunting question. Clearly identifying specific reasons you would need life insurance is an important first step in determining an appropriate amount of coverage to meet those objectives.