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How much life insurance should I purchase?
If you have a family, many experts suggest that you need an amount equal to 5 to 10 times your annual salary. However, many people own higher coverage's to provide more income for their family.
How can life insurance funds be used?
You can use your life insurance funds for a number of needs, including:
Any immediate needs at the time of death, such as final illness expenses, burial costs and estate taxes.
Funds for a readjustment period, to finance a move, or to provide time for family members to find a job.
Ongoing financial needs, such as monthly bills and expenses, day-care costs, college tuition or retirement.