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Home › Articles › Life Insurance › Talking About Life Insurance

Talking About Life Insurance

The First Step to Protect Your Family

By Katherine Bontrager

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Protecting Yourself
But if all sensible conversations lead nowhere, Andrews Amish advises moms to take matters into their own hands. "Mom, if Dad pooh-poohs the idea, then you can purchase a policy on Dad's life," she says. "You can own it. He does need to sign it. But if he feels it's stupid, you still need to take care of yourself. Do what you must. Pay for it out of your money or out of the grocery fund, or whatever you need to protect yourself."

Once you've clearly established a need for purchasing life insurance, where should you go from there? The next step demands you assess a number of things. What is your current income? How much will be needed for future day-to-day expenses?

According to the Life and Health Insurance Foundation for Education (LIFE), a nonprofit organization dedicated to informing the public about the role of life and health insurance, industry experts recommend that people have 10 to 20 times their annual income in coverage. The LIFE Web site has an interactive life insurance needs calculator that can help determine how much coverage is right for you.

Despite industry standards, LIFE recommends new parents evaluate their personal needs with a qualified insurance professional. After all, you've cleared the hurdle of discussing life insurance with your spouse – an important and often awkward step. The rest of the process of finding a qualified insurance professional and getting properly insured should be a breeze.

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