Basic life insurance information

Posted on Friday, 15th January 2010 by jkibler

Read this and learn the basic life insurance information so you will know how to make a decision on what type of policy you need.

The first thing to do is understand the importance of having life insurance.

The most important thing of course is to protect your family in the event of your untimely departure from this world. How much protection you need depends on several factors.

Number 1. Your marital status.

Number 2. Number and age of children.

Number 3. Your present income.

Number 4. Outstanding debts, including credit card debt and mortgage balance.

Number 5. Your health.

Number 6. Your age and the age of your spouse.

The purpose of life insurance is to pay off your last debts including medical bills and funeral expenses.

Bring taxes up to date

Provide 7 to 8 years of net income for your spouse. That is your income after taxes.

To pay off the mortgage.

Money for the children’s education, which should be paid into a trust fund, which cannot be used for anything else.

Now, taking all this into consideration a decision needs to be made as to what type of life insurance you need. If you’re looking for an investment you might consider a whole life policy, and if you want just plain inexpensive life insurance, a term life policy is probably the way to go.

Jimmy says you don’t need life insurance, unless of course you die and no one knows when that time will come. The most important thing in the world is to provide for your family. As a Pastor I have had to sit with families who have just lost the breadwinner and who had no insurance. It is a sad place to be when a lady sits there crying and says, what are we going to do. Don’t let this happen.

Whoa Jimmy?

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Tags: Life insurance
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