The Daddy & Family Magazine Winter 2014 Issue #1 | Page 69

THIS ISSUES MONEY QUESTION
How much
life insurance
should I buy
to protect my
family?
With Christopher Lawton

Life insurance is the basic foundation to any successful financial plan. Yet, according to LIMRA, only
44% have their own individual life insurance policies. According to Genworth Life Study, 40% of
Americans who own life insurance do not think they have enough. So there are many people who
tend to not think about or skip over this very important question of how much life insurance you need.
People also think it may be too expensive.
The answer varies from person to person, family to family.
Bottom line, if you have a family you very much need life
insurance (unless your current savings account balance is huge!).
How much and what kind of life insurance should be discussed
with a licensed and trusted professional who can give you the right
options based on your needs and budget. The important thing is to
get your own life insurance policy right away so your family will
not go through a financial crisis should something happen to you
tomorrow. Careful and complete financial plans start with life
insurance. And really, it is all about love.

The Bottom Line
You need enough life insurance to cover all your debts and support
your dependents. “Enough” includes paying off your credit cards,
car loans and mortgage, paying for your children’s education, and
making sure your spouse will have the financial means to take care
of him or herself and your children. In a time of grief, the last thing
you want is to leave your loved ones with another major life
upheaval such as having to change jobs or schools because of
financial strain, so take a close look at whether the life insurance

you’re getting is the best way to provide for your loved
ones.