Help you leave the legacy you desire — Life insurance can be an important part of your estate plans. To use life insurance properly for estate planning, consult with your legal advisor.
Of course, one big question that you may ask is this: How much life insurance do I need? You've probably seen those estimates that say you should have insurance that's worth a certain number of years times your annual income. While this might not be a bad estimate, it's not a hard-and-fast rule for every single individual. The amount of insurance you need will depend on a variety of factors: your age, income, size of family, value of home, employment situation and so on. Your financial advisor can help you determine the level of insurance that's appropriate for your needs.
Now that you've seen how life insurance may help you over the years, and you've got a sense of how to determine the amount of coverage you need, you can appreciate the message behind Life Insurance Awareness Month — so take it to heart and make sure you've got the proper insurance plan in place.
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Edward Jones Financial Adviser Michael Quinn submitted this column. Quinn's Edward Jones office is at 25 Railroad Square, Suite 201, in Haverhill. He can be reached at 978-372-8453.