Magazine article VFW Magazine

Life Insurance: Planning for the Future

Magazine article VFW Magazine

Life Insurance: Planning for the Future

Article excerpt

Peace of mind is why many people choose to buy insurance of any kind. For life insurance in particular, knowing that your family and loved ones will be taken care of after you are gone is priceless.

The practical side of having life insurance has many angles. To begin, there are costs associated with final expenses, including a funeral and burial or cremation, which can be more expensive than previously thought. Life insurance can help defray these costs.

Loss of income is a major consideration when planning for the future. Life insurance ensures the family can maintain its lifestyle, including continuing to pay or even paying off a mortgage. Long-term, the right life-insurance plan can safeguard your family and help keep finances in shape. If you have children, providing for their care is not something that should be taken lightly. Many advisors suggest prioritizing this expense when calculating total insurance needs.

Additionally, carefully review your estate when looking for the right coverage. This should include any outstanding debts (business and personal) and a plan to ensure those are paid in full to alleviate your family's concerns. Take taxes into account where necessary, as these can vary by the size of the estate, among other factors.

Most civilian workers have coverage offered to them via their employer. Even if you have this option and have purchased life insurance through work, it might not be enough. A commonly accepted rule of thumb is that life insurance should provide seven to 10 times the insured's annual salary, but a trusted financial advisor can tell you if that works in your particular case. …

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