Marc Firestone: How Do You Know If You Need Life Insurance?
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Transcript of Marc Firestone: How Do You Know If You Need Life Insurance?
How Do You KnowIf You Need Life
Insurance?
CREATED BY MARC FIRESTONE
Life insurance is designed to replace lost income or pay forspecial needs your family would have if you weren’t around.
The big questions you need to ask are: Do you need it? And if so,what kind should you get?
Do You Need It?
If you have a spouse, kids, or agingparents who depend on you, life
insurance is a good option toconsider.
If you’re a wage earner, you’llwant to replace your salary plus
provide for any additional needs,such as paying off the mortgage,
college tuition or career trainingfor a spouse who may be
reentering the work force.
Would your working spouse want to takesome time away from the job to be with the
kids after a loss?If so, what would that cost?
If you’re a stay at home parent, look at what it wouldcost to hire help to perform tasks you routinely do?
TO DO LIST:
Pick up kids
Make Dinner
Grocery Shopping
Clean The House
If you’re caring for a family memberwith special needs, what would it
cost to make sure that person isprovided for if you die?
If you’re at or near retirement, how would yourspouses income change if you were around, or
vice versa? If all or most of your pension orretirement savings would be accessible, you
might not need life insurance.