Abby's Guide to Life Insurance
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How much?

So, youíve got a dependent spouse and/or kids and realized that without your income, they will be under considerable financial stress. But how much insurance do you get?

Obviously enough to cover your funeral expenses plus allow them to invest the insurance money and draw upon it to match the income you would have provided. One way to approach this dilemma is to approximate your yearly income multiplied by the number of years you expect your dependents would need the income (figuring in pay raises over time). Then look for a financial calculator online to estimate how much money it would take today to meet that future income.

When you buy life insurance, figure in college expenses, and even wedding finances if you think this is important. Take into consideration the age when your kids will be on their own and no longer need the financial support. It is important to take the time now to figure out future needs and ACT on them now.

None of us are immortal and when the day comes, we donít want our nearest and dearest without the necessities.

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