It's about Living
Life insurance is about living . . . not dying. The main reason people purchase life insurance is to replace income that would otherwise be lost with the death of a primary wage earner. Under current tax law, the death benefit is passed onto your heirs, tax-free. The benefit of life insurance protection can ensure that your family is not burdened with significant debt and inadequate income.
Before purchasing life insurance, you should determine how much you need. This involves answering a few questions about your family's financial situation. This is your first step in developing a plan to:
- provide replacement income to cover readjustment period after your death
- pay-off outstanding debt
- pay-off your outstanding mortgage balance
- provide funds for your children's education
- provide cash for final expenses
By answering a few simple questions you can use our Life Insurance Calculator to help you determine the right amount of life insurance protection for you and your family.
In addition to providing financial resources for your family in the event of your death, life insurance is also used to meet long-term financial goals. One of your long-term goals may be to provide funds for your child's education. Our College Funding Calculator will illustrate the funds needed to cover costs associated with your child's future college education.
