LIFE INSURANCE BASICS & NEEDS

You need life insurance if anyone depends on your lost income. It can solve many problems involved in both your personal and business situations.

Personal Needs:

Life insurance will enable a surviving spouse to raise your children, or provide the funds to care for an aging parent or other dependent.  It can also ensure that you final expenses, debts or taxes are properly managed.  When considering purchasing life insurance,  it is suggested you buy protection equivalent to five to eight times your annual income, though your needs may vary according to your financial assets and liabilities. Life insurance can solve your heirs’ immediate and long-term needs.

Immediate needs would include:

• Funeral expenses,
• Unpaid medical bills,
• Debt and taxes,
• As well as the time to readjust to a new life-style.

Long-term it will help provide:

• Maintenance and care of a disabled child or elderly parent
• College expenses
• Providing the means to your heirs to live the life to which they are accustomed.

Business Needs:

Life insurance is often the solution to:

• Replace a key person and provide the funds to cover the costs of locating and training a replacement.
• To fund Buy/Sell agreements.

To provide collateral for business loans