10.2 Individual Uses of Life Insurance
Insurance planning can be very strenuous; however, there are ways to simplify the process. Several questions need to be answered before the planning process is complete.
- How many years until the insured's retirement?
- Is the insured financially responsible for anyone else?
- Is the insured planning on contributing to children's future education needs?
- What is the value of the insured's assets other than personal property and retirement funds (i.e., bank accounts, stock market investments, etc.)?
- What is the annual household income?
- How much annual income would the insured's spouse or partner be able to provide to compensate for the loss of income?
- What is the mortgage balance?
