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The Primary Purpose of life insurance is to provide for your dependents when you die. It can provide for educational needs, pay off the home mortgage and help you dependents maintain their standard of living.
· Provide for survivors and dependents
· Create and Estate
· Pay estate taxes
· Equalize inheritances
· Supplement Retirement income
· Provide Charitable gifts
· Meet business-continuation needs
· Death benefits generally pass to your beneficiaries free from federal income tax.
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Do you Really have enough Life Insurance?
Step 1: Indicate Life insurance currently in force $__________
Scratch out the Last four digits:$_________
Double the number remaining: $_________
Multiply this by 30: $__________
This is the amount of income your present coverage will provide your family each month provided
you could earn 7.2 percent on your principal.
Step 2: How Much it takes to meet current monthly expenses:$_____________
Difference (if any):$___________
Divide this by 30:$____________
Divide number by two:$___________
Add 4 zero's to the number:$___________
Additional Money your famliy would need to provide required monthly income:
$_____________________
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