Life Insurance Considerations

by Darwin on June 26, 2012

This Is A Guest Post With Information Sourced From Genworth Financial:

As it was succinctly put in a recent Huffington Post article, “Life Insurance 101,” “Life insurance has no one-size-fits-all option.” There are several types of life insurance policies; whole, term and universal, each serving different needs and considerations for both individuals and families. But there is one thing that’s certain – we and our loved ones will eventually face our own mortality.

It’s not an easy subject to address, even among the most loving families. The great unknown can be quite frightening, particularly, without a solidified plan in place.   But a little reorientation of your thinking can turn that fear and uncertainty can lead you to make some very concrete steps to protect your family’s future and show them you care. In the event of an untimely demise, you will likely want to ensure certain things are covered, such as your children’s education, or the mortgage payments can be paid without a significant burden on your spouse, or even the family business after you are gone.  Those are just few of the reasons why it is worth investing in life insurance.

Some of the things to think about include:

  • Housing – what are the mortgage or rent payments, are there additional utilities or maintenance fees, insurance, or property taxes?
  • Education – do you have college age children, will your grandchildren need help paying for their education?
  • Family – do you need to consider childcare if a parent is gone, what are health insurance costs, what will supplies and clothing cost?
  • Medical Expenses – is long-term care going to be needed above and beyond basic healthcare?
  • Transportation – do you have auto and insurance expenses?

This list is just the beginning and every family has different needs. But everyone should budget for their lives and budget for life insurance. This can be a daunting task that often gets shuffled aside when daily responsibilities need to be met. Set aside a morning to figure out your budget and what your family might need. Online money manager software is great tool for this.There are also many free budget tools available, including Genworth Financial’s Life Insurance Calculator, that can help you organize. It’s better to plan early, and it’s cheaper too. – See more at:

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