When you’re no longer able to provide for your family, they will still have to find a way to cover their finances. These can include bills, final expenses, college funds and more. Life insurance is a reliable way to help offset these costs and make living more comfortable when a family member, particularly one with the primary income, passes away. Buying a life insurance policy isn’t for your own benefit; it’s for your family’s. You purchase a policy to secure their financial stability. The best way to determine how much and what kind of coverage you should buy is to consider your family’s needs in terms of money. Included in these calculations should be expenses at time of death, debts, medical bills, daily expenses and future expenses. Since the point of buying a policy is to benefit your loved ones, you’ll also need to consider whom you’re going to name as your beneficiary. When naming beneficiary, specific wording is key. For instance, if you designate your children by name, you may unintentionally exclude those born later. Also, a contingent (secondary) beneficiary should be named in case you outlive your primary beneficiary. Additionally, electing a beneficiary rather than paying the proceeds to your estate allows your family immediate access to the funds. Paying it to your estate requires that the benefit go through probate court along with your other assets at time of death. Life insurance is a great way to secure your family’s future and express your love for them for years to come. Talk to us today about how we can meet your life insurance needs!