How to Replace Income with Life Insurance

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Posted on 5th August 2011 by Rita in How To's of Life Insurance |Life Insurance

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replace income

No one likes to imagine what it would be like if the worst happens. If people depend on your income, such as young children, spouse, dependent adults or parents, proper planning can save them from financial devastation.

Life Insurance can be used as an income replacement. To help you determine the amount of income needed for those who depend on you, view the Life Insurance Needs Worksheet.

One Income Family: When the family’s main breadwinner dies, the survivors still have living expenses and possibly other debt. With a One Income Family it is absolutely essential that the main breadwinner have sufficient life insurance to cover the missing income.

Two Income Family: If one of the income earners in a Two Income Family dies, the amount of life insurance needed should equal the amount of the lost income in order to maintain the same standard of living. Life insurance is an invaluable way to protect the future income needs of your family.

key employee life insurance

 

 

◄FREE WHITE SHEET (click image)

 

 

 

 


Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.

Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
View INSTANT Term-Life Quote: www.insureyourfamily.com
If you prefer to speak with a local financial representative, call or email your request and you will be connected with a representative in your area.
Contact info: Phone: 800.541.5858 Email: rita.sollie@nclife.com or Live Chat below.

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