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Types of Life Insurance...
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Reasons for Life Insurance...
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Income Replacement Through Life Insurance
If people depend on your income, life insurance can replace that income when you die.
The most reason for this coverage is to provide coverage for a surviving spouse and children. However,
suvivorship concerns are not limited to a spouse and children. Parents, grandparents, siblings,
or adult children who continue to rely on you financially may also be a reason to buy life insurance
for the purpose of income replacement.
A general guideline for parents with children is that you will need a coverage amount
equal to ten times your annual income. This amount will vary depending on the age
of your children, special needs, debts, and other income available for your surviving spouse.
You may use our "Life Insurance Need's Calculator" for a more detailed analysis of
your coverage needs.
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