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Life Insurance Needs

Defining Your Needs

When you buy Life Insurance, you want a policy which fits your needs without costing too much. Your first step is to decide how much life insurance you need, how much you can afford to pay, and the kind of policy you can get that meets your cost and coverage goals. Then, find out what various companies charge for that kind of policy.

There are many reasons for purchasing Life Insurance among which are the following:

• Family protection to provide financial security to surviving family members upon the death of the insured person.
• Insurance to cover a particular need such as paying off a mortgage or consumer debt upon the insured’s death.
• Business insurance to compensate a company on the death of a key employee or to provide a surviving partner the resources to buy out the deceased partner’s share of the business.
• To provide funds to pay estate taxes or other final obligations necessary to settle a deceased person’s estate.
• To provide the funds necessary for the deceased person’s burial expenses.

Accumulation of funds to supplement retirement income if you are going to make a good choice when you buy life insurance, you need to understand which kinds are available. If one kind does not seem to fit your needs, ask about the other policies which are described in this guide. If you need more information than is given here, you should check with a life insurance agent or company or consult books on life insurance which are available at your public library. Also, the Department of Insurance has a toll-free hotline listed in this brochure to assist you.

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