Send me a life line!

The question is asked quite often, should we have life insurance or do we need to keep our life insurance? Life insurance is part of the natural process in doing some very basic financial planning. To arrive at the answer, you need to drill a little further down and ask some additional questions.

• Do you need insurance to cover debt in the event of your death?

• Do you need insurance to cover your income to allow for your family to maintain their level of lifestyle?

• Do you need final expense insurance?

• Sometimes overlooked is the income that would be required if you or your spouse are a stay – at-home parent. If that parent were to pass, what kind of income would it require to replace the daycare, shuttling and evening care of your children?

• Would you have adequate resources to save for your children’s education?

Life insurance can be a life line for your basic estate planning needs and should not be overlooked. Rates and products can vary, but keep in mind if you answered yes to any of the above — the benefits far outweigh the catastrophic consequences of an unexpected loss of income.

Diane E. Guimond
Wealth Advisor