You are buying insurance because you want to secure the financial strength of your family when you cannot be around to work and find money for them. For this reason, you are advised to know your needs before shopping for an insurance policy. Your insurance policy should be able to render these needs and you should be able to pay the premiums to enjoy the benefits of your insurance.
In thinking about your insurance needs, here are questions that can help you decide which ones should be prioritized and considered.
- How much of your family’s money do you provide? If you die early, would your family be able to get by everyday? Do you have someone who relies on you financially?
- Do you have children who still need to continue their education? Do you want to assure them they will finish their college degree even after you die?
- Do you have debts that need to be paid? Can your family handle paying these debts in the event of your death?
- Do you have state taxes to pay at the time of your demise?
- Would inflation affect the financial strength and future needs of your family?
Once you know your needs, you can choose from among the many kinds of life insurance which best suits your requirements. A match between your insurance policy, insurance requirements and ability to pay should be upheld.
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