Determining the amount of life insurance you’ll need is important nowadays in order to protect your family once something happens to you. These questions will surely help you determine your future needs and therefore can secure your family’s future even if you’re no longer with them. So if you really love them and you want a bright future for your children, you should think about this early and make the right choices. In addition to this, you can also look into combination products or life insurance with long term care benefits. This allows you to have both long term care and death benefits. This is a good option to those who will only need long-term care for a short period of time and want to leave something behind once the inevitable happens.
Your life insurance needs will depend on whether or not you or married, the size of your family, your financial obligations, the stage of your career, and your goals. When you are young, you may not have a huge need for life insurance, but that will change as you take on more responsibilities and the size of your family grows.
Answer the following questions to help you determine your insurance needs:
* What immediate financial expenses (e.g. funeral expenses, debt repayment) would your family be faced with upon your death?
*How much of your salary is devoted to current expenses and future needs?
*How long would your dependents need support if you were to die tomorrow?
*How much money would you want to leave for special situations (e.g your children’s education, inheritance for your loved ones, gifts to charities) upon your death?
Since your needs will change over time, it…
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