Life Insurance Needs

Most folks own some life insurance, few have any idea if it is too little, too much, or just right. Many are confused by all the flavors - term, whole life, universal, variable universal. There is no quick and easy way to determine your flavor, too much depends on your personal goals and family situation. Term is great for pure protection, but totally useless for estate or charitable planning. Whole life is easy to understand, but sometimes universal or variable universal would be a better choice.

If you have real concerns about your insurance needs it is important to review your current policies with an advisor that has no conflict of interest. That means don't ask your agent, his interest is in selling life insurance. Insurance needs analysis is a key component of your financial plan. A fee only advisor who receives no commission or other benefit from your insurance purchase is ideally suited to help you with this problem.

If you want to get started on your own or if you are just curious you can find a pretty good online insurance needs calculator at the Life and Health Insurance Foundation for Education.

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