FollowMe Life Buying Tips

The Need To Maintain Life Insurance Coverage

Quite often when people lose group life insurance benefits as the result of job lose, retirement or career change, there is no urgency to obtain additional coverage. But here are a few considerations:

  • If you are in a personal partnership (usually marriage), how much do you contribute to the family budget? If you were to die prematurely, how would your survivor(s) get by, especially dependent children?
  • Does anyone else depend on you financially, such as a parent, grandparent, brother or sister?
  • Single parent? What level of support payments are you making or getting? How would these be kept up in the event of the contributor's death?
  • If you have children, do you want to put aside money to complete their education in the event of your death?
  • If you have a mortgage on your home, do you want it paid off in the event of your death?
  • Are there any other family members or organizations to whom you would like to leave money?
  • Could life insurance play a role in business or farm succession plans?
  • Could life insurance play a role in paying the taxes incurred when capital property is transferred from one generation to the next?