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Additional Considerations For
Life Insurance
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Regularly review your life insurance coverage!
Reviewing Your Life Insurance Coverage
Regularly review your life insurance coverage, or your
family could find themselves disappointed, frustrated,
and in a financial crisis at a time when you are no
longer with them. Changes like family circumstances,
marriage, divorce, and the birth of children should key
in a review of your additional needs. All current life
policies should be reconsidered. Coverage amount will
need to be re-adjusted and beneficiary changes may also
be in order.
Also, review these new events as to
the impact on your financial situation. A new mortgage
or mortgage payoff, receiving an inheritance, or
starting a new business, all require an adjustment in
your level of life insurance.
Buying The Correct Amount Of Life Insurance
We all have our own particular needs. Depending on your
age, whether you have children, what you earn, what your
spouse earns, or how much money you have saved. Also
important are the amount, type and duration of your
obligations -- home mortgage, college education, plus
other loans and obligations.
The key starting
point is to estimate how much income your family will
need on an annual basis and how long your family will be
dependent on this income. Once this is determined you
can calculate the amount of insurance that will be
needed to generate the required income for the desired
period. Inflation must be considered in your accounting.
 Calculate your life insurance needs HERE!
Postponing Life Insurance Purchases
The cost of life insurance is dependant on two factors,
your age and your health. Premiums are calculated on
your age and your health condition at the time of
application for insurance is completed. Money alone is
not enough to purchase life insurance. If you need life
insurance do not postpone your purchase decision you may
not be able to obtain the required coverage in the
future.
Consider Insuring Your Spouse and/or Children
In
reviewing your life insurance needs you should consider
the effect the potential loss of your spouse would have
on your family's finances.
The unexpected death of a spouse or child can and will
effect your family's finances. Spousal income
replacement must be considered. If your spouse is not
employed, additional cost such as child care will come
into play. In either case, in reviewing your life
insurance needs you should consider the effect the
potential loss of your spouse would have on your
family's ongoing finances.
Consider your
children. A small amount of life insurance coverage is
advisable to cover potential funeral costs. One might
also want to consider the low cost of buying life
insurance on children. They will need life insurance in
the future and their health condition or ability to pay
the premium for amounts needed may make buying life
insurance on children a smart long term financial
choice.
TermLifeAmerica.com-
Lewis Fink is licensed as an insurance agent
offering Life Insurance in the following states:
Alabama - AL,
Arkansas - AR,
California - CA,
Colorado - CO,
Connecticut - CT,
Delaware - DE, District of Columbia - DC,
Florida - FL,
Georgia - GA,
Idaho - ID,
Illinois - IL,
Indiana - IN,
Iowa - IA,
Kansas - KS,
Kentucky - KY,
Louisiana - LA,
Maine - ME,
Maryland - MD,
Massachusetts - MA,
Michigan - MI,
Mississippi - MS,
Missouri - MO,
Montana - MT,
Nebraska - NE,
New Mexico - NM,
New Jersey - NJ,
New York - NY,
North Carolina - NC,
North Dakota - ND,
Ohio - OH,
Oklahoma - OK,
Pennsylvania - PA,
Rhode Island - RI,
South Carolina - SC,
South Dakota - SD,
Tennessee - TN,
Texas - TX,
Utah - UT,
Vermont - VT,
Virginia - VA, and
Wisconsin - WI.
Not all insurance products from all insurance companies are available in
all states.
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