Life Insurance Managing Money Tips

[Nanatracyann]

Life Insurance
Do you need life insurance? Its main purpose-and nothing does it better-is to create an instant estate for your family in the event of your death.

Does a single person need life insurance? Only if someone depends on you for financial support. That someone could be a child, an elderly parent, or any other family member.

How much life insurance should you have? One industry rule of thumb is that a family needs at least enough life insurance to cover four or five times its yearly income.

But that is the rule of thumb from the industry that sells life insurance! You might be better advised to think in terms of how long a period of time in the event of the death of the person who is being considered for insurance.

Family first, think about how they will survive when you are gone.

[mimi8zm]

Yes I do have a life insurance policy which I bought when I started working. So I was still young when I bought one. Judging from the above, I think I need to buy more coverage.

My husband used to not believe in life insurance. So his entire family do not have one. I am asking him to get one for himself and I have been sharing my experience with him when my father passed away. I'm glad he is seeing the light.