Looking for life insurance?
Compare Life Insurance
Quotes and Rates!
Life Insurance Group > Life insurance FAQs > Life insurance types » How will life insurance benefit your family long after you are gone?...

How will life insurance benefit your family long after you are gone?

Monday, February 27th, 2012

Life insurance is certainly a basic necessity especially if you are married and have dependents. Very often people tend to put off the decision to purchase a life insurance policy. This could really lead to serious problems, should anything happen to you. This is all the more important if you are the sole breadwinner of the family and if you have your spouse and children or even elderly parents to care for.

Things can go wrong in an instant and there is no point in worrying about what may go wrong. Instead, it is better to remain on the side of caution and do what is necessary while you are still alive. Purchasing a life insurance policy, the amount of coverage, etc., is entirely your decision and will depend on a number of factors. However, the golden rule of the thumb is to purchase life insurance which is ‘ten times’ your annual income. This will make a lot of sense if you want your family members to continue to maintain a good standard of living even after you are gone.

First of all, you must figure out how much you can manage to invest comfortably. In case you wish to, you may even ask your insurance agent to help you out with the calculations. Once you decide on the amount you must look at the different types of policies and the coverage they offer. If you have any doubts you may ask for clarifications. In case you wish to have additional coverage, you can let your insurance provider know about it and they will work out something accordingly.

In case you have loans to repay or mortgage loans, you must consider having a life insurance policy. Otherwise, in the event of your death, your family will be left on the streets. They will not only be left without a roof over their head, but will also go through a string of hardships as well.If you have a life insurance policy, they will at least continue to live in the same house and will also be able to manage expenses such as college education for the children etc. If you have handicapped dependents such as children or the spouse, you must certainly ensure that you have adequate coverage. You can also ensure that your family is not burdened with the funeral expenses by purchasing a life insurance policy. Contact your agent or insurance provider to avail further details.


March 25th, 2012

How to decide on a policy from the various life insurance types available?

The reason anyone gets a life insurance policy is for the very simple need of providing for the family in case of death. Especially in cases where the death is unexpected or if it occurs post retirement then the sum received from the policy will help the family to manage for some time.  Investing in […]

March 6th, 2012

Do you really need life insurance coverage?

Before you decide to purchase a life insurance policy, it is important to know some basic facts about life insurance. Most of us purchase life insurance due to various reasons. Regardless of whether you are married, single, student, parent, or a senior citizen, you would have surely contemplated about purchasing a life insurance policy at […]

March 2nd, 2012

How do you know which life insurance you should purchase?

The concept of any type of life insurance is a common one- to provide benefits in case of death of the insurer. Though this basic aim is realized through any life insurance, the size of the benefits, the size of the premiums to be paid and the benefits of the policy vary from one insurance […]

Life insurance types news

January 15, 2015

It’s a new year, and a new beginning as people say goodbye to 2014. We hope it was a prosperous and sound year for all. There is a lot of optimism for 2015, and this is the best time for some introspection of achievements made over the past twelve months of 2014, a...

October 30, 2014

We're all well aware of the importance of life insurance policy. We buy them from various reasons, we have a neighbor who passed away in his 30's and left his family with too many bills to pay, we have purchased a house and need to cover for mortgage, maybe one of our r...

More news >>

Life insurance guides

February 16, 2014

Life Insurance policies are bought so that members of the family have strong financial footing, even after the death of the insured. Insurance Po...

Continue reading
More posts
© 2022 LifeInsuranceGroup.com
Life Insurance Quotes for All Occasions. All Rights Reserved.