Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Wednesday, September 5, 2012

Determining the Amount of Life Insurance That A Person Needs

MoneyWhen a person purchases life insurance, there are several things that the buyer might want to consider before making a purchase.

  • A buyer might want to take into consideration the total cost of his or her funeral. While many do not think about these costs, it is important to remember that funeral expenses can be quite high, and so a person might want to include the costs of his or her funeral in the amount of life insurance that a person wants to purchase. This also applies to other types of expenses that a person might own at the time of his or her death, such as a mortgage or other types of debts.
  • A buyer might also want to take into account the income that his or her family will lose as a result of the person's death. In calculating this figure, the person might want to take into consideration the whole picture, such as whether his or her spouse has a decent job or if the surviving spouse is close to retirement.
  • In addition, the person might want to take into consideration the benefits that a person owns through his or her employer, such as health care benefits.

See How Much Life Insurance Do You Need?, Life Insurance Quotes, Sept. 4, 2012.

http://lawprofessors.typepad.com/trusts_estates_prof/2012/09/determining-the-amount-of-life-insurance-that-a-person-needs.html

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Comments

I have, on my website, a nice Needs Analysis Calculator if any of your readers would like to take a look. I also have a Health listing overview. These two items should be helpful in obtaining quotes.

http://m2insurance.com/run-your-own-term-life-quote/

Posted by: M2 Insurance | Sep 6, 2012 9:28:56 AM

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