Abby's Guide to Life Insurance
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Life Insurance

The thought behind life insurance is to provide for those who are dependent upon your salary for their sustenance when you die. Spouse and children are the primary beneficiaries of this consideration, receiving funds until they can live on their own. Life insurance also provides emergency money for leftover medical bills or for funeral expenses. Life insurance is a good thing.

However, where money is concerned things have a way of becoming complicated and life insurance, which is about money, can get very complicated.

Your first consideration is to determine whether you need it or not. Should you die tomorrow (our mortality is never a pleasant topic) who would be impacted financially, and do you want to protect them, allowing them to pay for their basic needs? If you have no family, are part of a two-income household without children, or your family is grown, the need for much life insurance is minimized. Consider a small term life policy to cover taxes on your "estate" and your funeral or opt for no policy and invest the money in a savings account that will be used for those expenses.

Most of us are not in this category, with children or spouses dependent upon us for the roof over their head and the food on their plate. So how much insurance do you need and how do you find the best policy for the best price?

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