How to Calculate Your Life Insurance Needs

How to Calculate Your Life Insurance Needs

Life insurance is a wonderful tool to ensure peace of mind and financial stability for your family. It is designed to pay out a certain sum of money to a surviving spouse or family members in the event of someone’s death. This sum can replace lost income and pay off major bills while the family grieves and adjusts to life without their loved one. And it doesn’t only have to go to children, spouses or other family members. You can choose anyone as your life insurance policy’s beneficiary and give anyone you care about financial support in the event of your death. Life insurance isn’t free, though, so it’s important to weigh the cost of premiums against the potential benefit and make sure you aren’t under- or overinsured. Too little coverage will leave family members strapped for cash and too much is a waste of premiums, especially considering you hopefully …


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