Not having life insurance is NOT an option. I had a conversation the other day about the stress added to losing a loved one when there is no life insurance and thought I'd share a few tips with you guys.
If you have a family -- each spouse should have between 7 and 10x's their annual income in life insurance. I'm a fan of term life insurance because it's uncomplicated, affordable and gets the job done.
For your children, you only need burial insurance of about $10,000 -- $15,000 -- based on the costs in your area. Same goes for singles -- you also generally only need burial insurance. But, whether you are single or have a family, life insurance is also a great way to give to someone less fortunate, maybe a friend or family member or your favorite charity.
At the bare minimum -- everyone should have enough insurance to cover the costs of your plot, casket, headstone and funeral services. Being prepared takes the financial pressure off your loved ones who are already grieving. How many of us have been in a position of trying to collect donations for burial costs? Raise your hand! Mine is up! Let's be proactive and ease the burden for those we love!
-Dorethia
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