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Life Insurance
Resources
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There are many reasons for buying life insurance. If
you’re the primary wage earner in the family, life
insurance is a good way to help provide your family
with a stable financial future.
While it’s difficult to face our own mortality,
planning for it can ease the burden our loved ones
will face later. Purchasing life insurance can help
make a difficult situation easier by providing death
benefits for:
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- unpaid medical bills
- income replacement for
survivors
- final expenses like burial
costs
- unplanned or emergency
expenses
- future education funds for
your children
Remember, you can also use some life insurance products:
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to help you establish an estate plan
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as a component to your savings strategy
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for retirement income
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even to pay for estate taxes
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Every person has a different idea of what financial security
means. If something should happen to you, how much money
would your family need? You should consider:
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your current debt
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expenses your family can expect to pay after your death
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your family’s future needs
A general rule of thumb to calculate your life insurance
needs is to multiply your annual salary by seven.
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