Funeral expenses, unpaid debts, unpaid hospital bills, probate costs, and estate and inheritance taxes.
Due to premature death, your family may need to make adjustments in their lifestyle. They may need to move, or the surviving spouse may need additional training to qualify for a higher paying job—the emergency fund may help cover the cost of making these necessary adjustments.
The cost of your children’s' education, including elementary school, high school, and college. Life insurance may help cover this expense.
Providing the money necessary to pay off the mortgage or provide an income stream to pay the monthly mortgage or rent payments may be a consideration.
PAYMENT OF DEBTS
Funds needed to payoff any debts including auto loans, credit cards, and other loans should be considered.
The amount needed to help provide your family with anticipated retirement income in the event of your death is suggested to be five times your current annual income.
Non-employed spouses make a valuable contribution to the family's needs; fulfilling these needs may require additional income.
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