Besides burial expense and debt, with grown children, how do we decide how much life insurance to purchase?
Some other areas you may want to consider as beneficiaries are:
- charities or religions/non-religious organizations you're passionate about
- medical bills
- estate settling costs (taxes, etc.)
- business related (partners, etc.)
- future income for your spouse to comfortably maintain your current standard of living
Check out my life insurance calculator to get an idea about what a quality low-cost Term Life policy could cost you.
I'm licensed in all 50 states, so if you have additional questions, I'd be glad to help!
Mark | 08.11.15 @ 19:24
Loss of income is the next consideration as well as college education for you children. Some people do use life insurance as a part of estate planning. It will allow a transfer of wealth without the estate tax penalties. | 08.11.15 @ 19:32
If you pass, and your estate has only debt, your children are not liable for it. I wouldn't use insurance as a means to pay off my debt when I die. On the other hand, if you want to leave them your assets but still have debt to pay off, it might make sense.
| 08.11.15 @ 22:25