All those who carry the responsibilities of loved ones on their shoulders should take the time to study the financial effect their passing will have on those who are left behind.
One of the most thoughtful parting gifts one can make to his or her loved ones is to hold a life insurance policy with a death benefit that will cover their immediate financial needs. This death benefit will also provide the means by which they can continue to live in the lifestyle to which they have become accustomed – without any financial worries. To ensure this happens, it's important to consult with your Western and Southern Life agent when calculating how much life insurance is necessary to cover all the needs.
Consider the following financial obligations for which your survivors may be responsible in your absence:
Mortgage
Credit card debt
Utilities bills
Car payments
Estate taxes or other inheritance-related financial obligations
Burial expenses
When determining the amount of life insurance you will need, have the following information at hand:
Your current age
Your income for the past three years
Your net income after deducting federal, state, and local income taxes
All employer-provided benefits, such as healthcare fees, automotive expenses, and other perks
Any investments
Using our Financial Focus software, your Western and Southern Life representative will be able to determine the right amount of life insurance to meet your needs.
