"I am dead serious when I tell you that the most caring and loving gift you can ever give your loved ones is to protect them with life insurance."
— Suze Orman on her blog, February 9, 2017
People don't like to think about tragedy striking them, but that's no reason to be uninsured or underinsured, as I know. As a young parent, my wife died suddenly. We were underinsured, and over the years, it added so much stress to my raising the children as a single parent.
Today, the children have grown up, but we still employ life insurance as a financial planning tool. Mary and I have term life policies on each other, as income replacement, to insure that if anything happens to one of us, the other can still reach our retirement goals.
We help you understand how to use life insurance, helping you gauge the amount of insurance you need and the right company for you.
As Suze Orman noted,
"Think about whether anyone is dependent on your income. Kids. Siblings. Elderly parents. If anyone relies on you for all or some of their support, the next question I have for you is whether your savings and investments could support them if you were to pass tomorrow. If the answer is "no" then you need to say yes to life insurance pronto."
I know from my own life experience that Suze is right. You may read her post here:
See the additional links for further resources we provide to clients.
Read this article from Forbes for a great overview of life insurance options. Learn how to use life insurance as a risk management tool, and the difference between “term” and “permanent” life insurance.
If you die, your income is lost. How will your family get by? Life insurance can replace the lost income. Use this chart to estimate how much insurance you need for your family.