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Article Excerpt
The only reason you need life insurance is to solve a problem.
"Generally the problem that life insurance solves is to provide assets for your family in the event of your death," says David Martin, CPA, CFP, ChFC, senior vice president and director of wealth management consultant, Trustmark Wealth Management in Jackson. "Basically what that means is should I die, will my family have enough money to maintain their standard of living without my earned income? Will they be able to pay for their housing, food, clothing, education, weddings and cars? Life insurance provides funds for the family to take care of their needs."
It is a good idea to re-evaluate the amount of insurance you purchase for a variety of reasons. Martin says as you age the amount of life insurance you need for survivor income declines for a number of reasons. One is that your children are now older and you have less of a support obligation for them. Two, your spouse is older and you have a smaller number of years to support him or her.
"Most importantly, hopefully you have built up some savings and net worth that can be used to support your family should you die," Martin says. "You probably have a nice 401(k) plan...
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