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Life Insurance is a contract between the policy owner and the insurance company where the insurance company agrees to pay upon the death of the policy owner. The money is paid to a beneficiary that is designated in the policy. The purpose of life insurance is to help the beneficiaries maintain their standard of living after the death of the insured. Keep in mind, life insurance should never be considered an investment.

There are two types of life insurance: term life or cash value life. Some policies are essentially both. Term life pays a sum to the beneficiary when the insured dies during the coverage period. Cash value life provides a variety of features and benefits in addition to the death benefit of a term policy. Cash value life insurance policies have a savings element built into the policy that accumulates over the life of the policy. The insured usually has the option to withdraw, invest or borrow money against the value of the cash value life policy. Term policies are usually less expensive than cash value life policies.

There is no definitive guideline on how much life insurance you might need. The amount of coverage you should carry depends on your financial position, the number of beneficiaries that need to be supported and the number of years they will need financial support. A common rule of thumb used to determine the amount of life insurance required would be six to eight times the your annual gross salary. Keep in mind, there are many factors that need to be considered and this may or may not be the right amount for your family. For instance, if a substantial amount of your annual gross income is derived in the form of unearned income or investments, then the amount coverage you need may be less. Your lost wages would typically not affect your unearned income. However, if there is any debt associated with the investments that are supplying the unearned income portion of cash flow, those debts should be factored into the equation of need. Bottom line - the key to determining coverage is the existence of dependents and the degree of that dependency.

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