Standard Life Insurance: When And What You Need

2007-03-08 10:33:40

( Insurance )



You must be curious how much your life is worth. If you have already been looking around for standard life insurance, you must have a pretty good idea. You probably looked at a life insurance quote and agreed or disagreed with it. Bear in mind that every person’s situation is different. You situation may look the same as your colleague’s but your needs may also differ. Arriving at a calculated figure of how much life insurance you need for you and your family should never be a guessing game.

The most important factor you have to consider is if you have any dependents and how many there are or how many there will be. Dependents are people who are and will be counting on you to support their daily needs.

Some points to consider are college expenses, your spouse’s lifestyle after your death, your outstanding debts if you have any, your children’s special needs like a handicap or your parent’s financial needs.

If you are wealthy, you may automatically think that you do not need coverage. You should think again. If you die without proper estate planning, the money that will come from your estate after taxes have been deducted may be even close to nothing.

Second, you also have to consider if you do not have children. You may opt for a standard life insurance that covers just your funeral expenses if your spouse can support his or herself on their own income.

If you are single, a lot of people will tell you a life insurance is an unnecessary expense. They may be correct, but before you tear up that standard life insurance offer consider the amount of your mortgage, your parents or even if you want to leave money to a relative a friend or a nonprofit organization.


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