Life Insurance is said to be the greatest” language of love” ever invented because it usually benefits only those left behind.

There are three basic needs:

Debt Reduction

Add up all mortgages, credit cards, loans, leases, etc to get a total.

Income Replacement

The amount of Life Insurance needed on each spouse is relative to that spouse’s income to the total family income. If the husband’s and wife’s income are equal, then equal amounts of coverage should be purchased on each. If one spouse is the predominant income earner, a “rule of thumb” is 7-10 times earnings.

Estate Taxes

The current laws will dictate this analysis, but if there are estate taxes to pay, Life Insurance continues to be the most cost effective way to pay those taxes because you never pay a dollar for a dollar.

end faq

Other factors to consider when looking at family Life Insurance needs:

• • • Length of time coverage is needed. 
    • Protection for children from a prior marriage. 
    • Special needs children. 

Business Life Insurance is commonly needed to protect from the loss of a "key man". It can also be used to fund a partial buy out in a buy-sell situation, used in Partnerships, LLCs, and Corporations.