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How Much Life Insurance Do You Need? (1st part)

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The most important function of life insurance is to provide economic safety for your family when you die. It helps make sure that when you pass away, your family has the economic resources it needs to take care of your spouse, your children, an elderly person, or another dependent relative. Nevertheless, whole life insurance can be used to reach a range of economic goals in the long term. It can provide resources for the education of your children or capital for your own retirement. What most families and individuals wonder is, then, “how much life insurance do I need?” The answer to this question depends heavily on the particular circumstances of your family.

There is not an easy set of rules to determine how much life insurance is necessary, because there are no two families with exactly the same resources and needs. You might be single, without having to take care of anyone else than yourself. Alternatively, you could be taking care of your mother or elderly parents. You might have many children; however, you may also have two incomes and considerable net values. Or you might have many children, depend on a single income, and have little reserve resources.

There are a few things to bear in mind when you purchase life insurance, because benefits can be used with different goals in mind—such as to provide available cash for the final expenses which can include funeral costs, medical costs, will charges and inheritance taxes; pay of debts such as hospital bills, mortgage, and loans; or provide the replacement of an income enough to cover period of readjustment of a couple of years after you pass away, the period while your children younger than 18 years old still live in your house and are dependant, the years in the university, the time while your younger child gains independence, the date in which your spouse reaches retirement age and after your spouse retires.

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