With the ringing in of a new year, now is a great time to take a look at your life insurance. Are you adequately covered? When purchasing life insurance, most people forget to consider important liabilities that life insurance can be used to protect. By breaking these liabilities into categories, it is easy to see what your life insurance will cover and how much should be purchased. Immediate Needs: covers funeral costs and medical expenses. Both of these needs can be expensive, so it is important to be adequately covered for these costs. Readjustment Needs: covers an outstanding mortgage balance, other loans or debts, a cash fund for emergencies and income replacement for a survivor. Readjustment needs should be an important factor in determining how much life insurance to purchase. Legacy Needs: includes college funds, charitable gifts and retirement funds. This is especially important if you have children to whom you want to leave a portion of your life insurance. Life insurance can be a great tool to protect the futures of each of your family members. Life insurance is one of the most valuable gifts you can give your family. You never know what tomorrow will bring, so please contact us to discuss this important protection!