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At times it᾿s hard to remember that life insurance is for one purpose: To compensate for a loss of life and the economic consequences that come with that loss. Families with young children need to plan for the loss of income if a parent dies, but also the loss of a non-working spouse that cares for those children. Even if your children are grown and on their own, there is still an economic loss with a death if someone still depends on your income. Not carrying insurance when there is still a need can result in loss of assets beyond income and should be taken seriously. None of us can determine when we leave this life.

What if you᾿re in a situation where you have little debts, no one depends on your income for their needs, and you have many assets? At that point, your need for life insurance moves toward planning for the taxes associated with your estate passing to your heirs.

By meeting with your Insurance Agent and having an insurance review done, you will be in a better place to determine if and how much life insurance that you need. Do you still have financial obligations? Do you own a business? Do you need to assess an old policy and see if it is still an adequate amount of coverage? Remember that life insurance is still a part of your overall financial picture. The assets that you have worked hard to build can be used up quickly without adequate life insurance coverage.

Make it a goal this year to find your old policies and have them reviewed at insurance planning meeting. Check beneficiary information for name changes, etc. And lastly, tell your family about the policies you have and where to locate them in case of your death.