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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.

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