Life Insurance is one of the most basic components of a sound financial plan
In its simplest form, life insurance offers security in the event of your death. Like all insurance, life insurance protects your family from the risk of financial ruin. It provides your dependents with the necessary funds to settle your financial obligations and to cover the loss of income created by your death.
Consider the following. In the event of your death would your spouse be able to :
Pay for your funeral?
Send your children to University?
Pay the mortgage? For how long?
Service all existing debt? For how long?
Maintain their current lifestyle? For how long
Pay income taxes for the last year you were alive?
Unfortunately, too many Americans ignore or underestimate the impact the death of a breadwinner can have on a family. Given the current affordability of term life insurance, and shopping services such as MyInsuranceQuotes.com, there is no reason not to have sufficient life isnurance coverage as part of your financial plan.