My kids? What did you needs from me? Yes.. Insurance.One approach to determine how much life insurance one should carry is to analyze the various needs of the family in the event of the death of a wage earner. Life insurance satisfies a number of these needs by providing a fund that can be used to:
- Pay off an individual’s last debts such as medical bills and funeral expenses
- Meet estate taxes and other expenses in settling an estate
- Provide life income for the spouse
- Pay off a mortgage
- Pay for the children’s education
- Provide funds for retirement
- Provide an income for the policyholder’s spouse to give the family time to readjust to a new standard of living
- Draw interest to provide funds for some special purpose
- Provide a monthly income until the children are grown and out of school
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