Like taxes and extended family reunions, life insurance is a topic that very few people enjoy thinking about. Unfortunately, it is a topic that you must address if you want to provide financial security for your loved ones.
Even if you don't earn income from a job or business, you might need life insurance to help your loved ones.Term life insurance from Top Whole Life is a simple solution that provides cost-effective financial protection for your family in the event of your death.
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How much life insurance do you need? No set answer is appropriate for everyone; however, considering several factors can help you estimate how much term life insurance you should buy:
Financial obligations
Your current financial obligations should factor into the death benefit you select when you purchase a term life policy. Think about all of the bills your spouse or another beneficiary would be responsible for if you passed away.
This includes large financial obligations such as a home mortgage, credit card balances, student loans, and college tuition. It also includes other obligations such as vehicle loan or lease balances, property taxes, and funeral and burial expenses.
Income replacement
If you are employed or own a business, your spouse and children will not have the benefit of your income if you die.This can leave your loved ones struggling to make ends meet, particularly if your spouse does not work.When determining your term life insurance death benefit, consider how much you would have earned if not for your death.