First of all, let’s get one simple truth out of the way right now … it’s not a pleasant thought, but it is a necessary one:  Life insurance is about what a person is going to leave to his or her heirs after he or she dies (and that “what” means m-o-n-e-y).  But, life insurance can be much more than that; in fact, life insurance can be a way to build up a personal fund that you may use yourself BEFORE you die.

Buying life insurance can be very confusing because, today, you have so many choices.  If you’ve ever thought about “What is the best type of life insurance to own,” the simple and best answer is “The type of life insurance that is in force on the day your heirs need it!”  That may sound like some salesperson’s quick retort, but it is really The Truth! 

However, most Americans have many, many other questions bouncing around in their minds when they get around to giving serious thought to buying life insurance. 

The 8 questions below are both “technical” and “non-emotional.”  But, underneath, there are “emotional” and “real” questions that deserve truthful answers to help you decide what to do to protect your heirs (family or others) financially upon your death.

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Here's 8 life insurance questions you need to ask yourself before you make a decision:

1. “Which type of policy should I buy?”
2. “How much coverage do I need?”
3. “How long will I need that coverage for?”
4. “How much will I be able to afford to spend on life insurance?”
5. If you’re married, you might be asking, “How will my spouse pay our mortgage and any other debts I leave behind?
6. If you have children, you’re probably wondering, “How will my children pay for college?”
7. If you and your spouse are somewhat older, you may be worried about, “What happens when one of us dies and the smaller social security checks disappears?  How will my spouse make up for this loss of income?”
8. If you own and operate a business, you’re undoubtedly worried about, “How will my business continue after I’m gone?  What will my heirs do without my help in running the company?  Where will they find the money to hire and who will be my replacement?”

LIFE INSURANCE TOPICS

Quick Overview

Different Types

Basic Considerations

Typical Questions

Common Uses

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