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Does the American Idol Winner needs Life Insurance?
The average American needs to have life insurance to protect the loved ones he or she will leave behind. But let’s say you win the lottery, or even better, you win American Idol, will you still need to carry life insurance? Does Taylor Hicks...Read More

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Life insurance quotes can be obtained free of cost from any leading life insurance company. Most companies, through their websites, provide innovative services for life insurance shoppers, and give them a quick and convenient way to shop for and...Read More

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Are you in search of life insurance with no medical exam required? Have you been looking for life insurance online, but maybe you're frustrated with so many choices? Why spend endless hours searching online when you already know buying life...Read More

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Life Insurance: 4 Important Considerations

Do you know if you need life insurance? To be sure your loved ones are taken care of, there are a few questions you need to answer to determine your level of need.

What expenses will you leave behind?
If something happened to you today, how much debt would you leave behind? How much do you owe today for utilities, credit cards, medical bills, car loan, mortgage? At the very least, you should have a policy that will cover these basic needs.

Does anyone depend on you?
Aside from any pets you have living with you, do you have anyone who depends on you for their day-to-day living needs? Spouse? Children? Anyone else? If so, protect their financial future by giving them a block of money that will replace your annual income.

What future needs will your dependents have?
In addition to replacing your lost income, you have the chance to provide for your dependents future financial needs. You can plan for and provide a college fund or provide for possible future wedding expenses.

Have you saved enough money to take care of the above-mentioned needs? If you answered "yes" to any of the above questions, there is one more to answer. Here is a good model you can use to determine your life insurance need.

Current debt + Anticipated future needs + Income principal

Current debt would be one month's worth of your average monthly utilities, total credit card debts, medical bills, loans, mortgage, or anything else you want to be paid off in the event of your death.

Anticipated future needs include expenses for college, wedding expenses, etc.

Income principal should be arrived at by taking your current annual income and divide that number by .01 (1%). The theory here is that a large enough block of money should be provided so that 1% can be withdrawn as a replacement of your income. Most investments return a higher interest rate than 1% so if that income block returns, say 5%, and your dependents are able to live off 1%, that equals a 4% raise which will help defray the effects of inflation.

The best rates for life insurance are when you are young and healthy. You might be able to improve your health, but so far there is no way to turn back the clock and make ourselves younger. Get your quote for life insurance and protect your loved ones today.

Dave Galahad is a freelance writer for ABCMoneySource.com on topics of banking, finance, investing, credit, savings, and debt. At ABCMoneySource.com our mission is to empower YOU with understanding on money matters and quickly find MoneySources to finance your dreams..... All from the comfort and privacy of your computer.

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Term Life Insurance With No Exam – Can You Even Get That?
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