Death is mankind’s second greatest fear, after public speaking. Preparing for the day when it comes can feel like you are putting it on a fast-track. However, not preparing a life insurance policy for the loved ones you may leave behind is prolonging the inevitable.

Life insurance’s primary purpose is to replace the funds that the head of the household was providing with their income. It should be enough to maintain the family for at least several years following the death.

Finding the right policy

We should all have a life insurance policy, but finding the right one for you and your family can be complicated. When it comes to finding what fits your needs best, there are just two important things to remember.

How much?

First, you must decide how much coverage is necessary. There are many different ways to calculate this, the easiest being to multiply your annual salary by at least seven to ten. This way you can see your family’s long term budget and keep in mind if your death benefit will be enough to cover expenses such as college, mortgages, or health insurance.

Term life vs Whole life

Secondly, these death benefits can be paid for with two different methods. One is referred to as Term Life and the other is called Whole Life.

Term Life is typically more recommended for those on a tighter budget, or those young families that are just getting their start. It includes a death benefit paid off for little by little every year. Whole Life offers even more coverage but requires payment your entire life.

With the right plan, you should not have to fear an untimely death – and hopefully, you wo

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