Sunset Life Group

Your need for life insurance varies with your age and responsibilities. It is a very important part of financial planning. There are several reasons to purchase life insurance. You may need to replace income that would be lost with the death of a wage earner. You may want to make sure your dependents do not incur significant debt when you die. Life insurance may allow them to keep assets versus selling them to pay outstanding bills or taxes.

All policies are not the same. Some give coverage for your lifetime and other cover you for a specific number of years. Some build up cash values and others do not. Some policies combine different kinds of insurance, and others let you change from one kind of insurance to another. Some policies may offer other benefits while you are still living.

Ask yourself the following questions:

• How much of the family income do I provide? 
• If I were to die, how would my survivors, especially my children, get by? 
• Does anyone else depend on me financially, such as a parent, grandparent, brother or sister? 
• Do I have children for whom I would like to set aside money to finish their education in the event of my death? 
• How will my family pay final expenses and repay debts after my death? 
• Do I have family members or organizations to whom I would like to leave money? 
• Will there be estate taxes to pay after my death? 
• How will inflation affect future needs?