First, you should determine what expenses the policy should cover. For most people, the death benefit should pay immediate costs related to your death, help meet your dependents’ daily living expenses, and set aside money for future needs, such as education. Of course, your dependents may need more or less, based on your existing assets, their own income and assets, and whether they’ll receive income from Social Security or other sources. Keep in mind, though, that the life insurance policy that’s right for you at one stage of your life may not provide the coverage you need at another. For example, you may decide to convert a term insurance policy to a permanent policy to lock in lower premiums. If you have universal life, you may want to take advantage of the option of increasing your death benefit. When an insurance review is a regular part of evaluating
your financial plan,
you’ll be more likely to make changes when they’re appropriate rather than risk waiting too long to update. A life insurance calculator can help you come up with a ballpark figure as you begin exploring your life insurance needs. But it can’t take you as an individual into account. You should   Read more…