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Life Insurance Quiz
Which Should You Buy, and How Much Do You Need?
By Teri Brown
Life insurance is a mark of adulthood. It's not something you really think about until you have children and have to confront the unthinkable – what if? What if something happened to me or my spouse? How would we cope with loss of income? With burial expenses? With the whole process of picking up the financial pieces?
Richard McGrath, president and CEO of McGrath Insurance Group, Inc. of Sturbridge, Mass., believes life insurance is something all families should consider. "Life insurance is important, because it provides financial protection for your family and peace of mind," McGrath says. "If you are properly insured, your family will have the financial means to continue its current lifestyle if something happens to you. Life insurance can also be an important tool for estate planning, business succession planning and other financial challenges."
The ability for your family to continue its current lifestyle while going through the grieving process is crucial. Losing a parent is hard enough on a child. Losing their home and their way of life on top of it is devastating. The following quiz will help you answer these questions: Why should I get life insurance and how much life insurance do I need to get?
b. You're having more children and want to make sure they have educational funds in the event you die unexpectedly.
c. You are accumulating more debt and want to make sure your spouse does not have to worry about this in the event that you pass away unexpectedly.
d. You purchased a home and want to make sure the mortgage will be paid off in case something happens to either one of you.
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