Consider Getting Life Insurance (NAPSA)—When you were single, you probably didn’t give life insurance a second thought. And though it may seem morbid to think about while yovu’re still glowing from the wedding day or birth of a child, now is actually the perfect time to consider purchasing or updating a life insurance policy. Now that you share your life with someone else, he or she may be dependent on your income. Even if you both work, the loss of incomeif one of you should pass on could create financial hardships for the surviving spouse. Life insurance can help ease someof the financial burdens by helping to cover mortgage payments, debt paymentsor funeral expenses. And if you have children, the funds could help pay for childcare or a college education. With adequate coverage, life insurance can help your spouse and family maintain their current standardofliving. If you already had life insurance policy prior to your marriage or birth of your child, now is a good time to consider changing your beneficiary designation. You may want to name your current spouse as the primary beneficiary. If you have children, you may want to name them as secondary beneficiaries to help them claim benefits more easily if your spouse should die before you or at the same time. How Much Should You Get? How much coverage you need depends on several factors, including your mortgage and other debts, whether you have other financial resources, if you have children, and if you both work. For a ballpark figure, add up your mortgage, other debts, the anticipated cost of educating your children, and your annual household expenses for at least five years or more. Sole wage earners may bear greater financial responsibilities, especially if they have children. Even a stay-at-home parent may need life insurance. Although you may not contribute a paycheck each month, your childcare, care for elderly relatives and other household responsibilities would be expensive to replace. And if you’re a single parent, life insurance may be even more important. Although children under legal age cannot directly receive life insurance death benefits, your child’s trustee would be able to use the money to help raise your child in your absence. For more information aboutlife insurance, visit Allstate.com. You can use the “How muchlife insurance do I need?” calculator on Allstate.com to help you determine how muchlife insurance you may need.
