While it’s difficult to face our own mortality, planning for
it can ease the burden our loved ones will face later. Purchasing life
insurance can help make a difficult situation easier by providing death benefits
for:
unpaid medical bills
income replacement for survivors
final expenses like burial costs
unplanned or emergency expenses
your mortgage balance
future education funds for your children
Remember, you can also use some life insurance products:
to help you establish an estate plan
as a component to your savings strategy
for retirement income
even to pay for estate taxes
Every person has a different idea of what financial security means.
If something should happen to you, how much money would your family
need? You should consider:
your current debt
your family's
expenses after your death
your family’s future needs
A general rule of thumb to calculate your life insurance needs
is to multiply your annual salary by seven.