I know to well that people really don’t want to talk about or even think about the idea of purchasing Life Insurance. I meet with countless numbers of people who carry”just enough to bury me”. Generally that amount is less than $15,000! Other people have Life Insurance through their employment but in many cases it maybe limited to one or two times your salary, and only lasts as long as you are employed.

Statistics reflect that one in four people have no coverage at all. We all have heard that it is best to purchase coverage at a younger age as rates are less expensive and in most cases being younger potentially means being in better shape with less ailments. Please be advised more and more Baby Boomers are purchasing Life Insurance like Term Life or Whole Life and Indexed Life Insurance for a number of reasons. Such as Wealth Distribution, passing tax-free money to family members. Protecting ones Pension benefit from ending should the pension earner pass away unexpectedly without selecting a spousal feature. In fact one of the most common purchase of a Life Insurance strategy is called a HyBrid LTC policy. A combination of Life Insurance and Long-term Care coverage.

Think about who really needs Life Insurance? If you are a provider for people who depend on your contribution financially, you need Life Insurance. If you are self-employed you need Life Insurance. If you are a service oriented individual who relies on your attendance at work, such as hair stylists, wait staff, chefs or cooks, to derive their income, you need Life Insurance! In most cases many are not financially prepared for the death of a family member and would have to make huge changes in their lives financially.

When considering how much Life Insurance one needs there are a number of things to review. Consider the larger expenditures immediately and in the future that would need to be addressed. How much of a mortgage is remaining? What about other debt that you would want to be wiped out? If you have a sizeable estate consider funds for Estate Tax both Federal and State? Funeral expenses, and to guarantee a value to help provide for the high cost of College tuition for children in future years.

In my professional opinion this process can easily be procrastinated. Take the time as soon as possible to meet with an advisor who can help you with a calculator once you review all your current resources as well as your future financial obligations. Don’t put it off. Get the facts and offer the necessary peace of mind to you and your loved ones. For a personal consultation meet with Neal Mandelbaum, President of Fairway Financial LLC of Danvers, Mass.