Besides burial expense and debt, with grown children, how do we decide how much life insurance to purchase?

Asked by Angie

3 Answers

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Hi Angie,

Some other areas you may want to consider as beneficiaries are:

- charities or religions/non-religious organizations you're passionate about
- grandchildren
- 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
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 13:39
Loss of income is the next consideration as well as college education for you children. Some people do use life insurance as a part of estate planning. It will allow a transfer of wealth without the estate tax penalties. | 08.11.15 @ 19:32
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 13:39
J
Answered by JoeTaxpayer
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
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 13:39
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