Give the Gift of Life Insurance

Show your love for your sweetheart by protecting against disaster.

- ELLA VINCENT

PURCHASING life insurance with your loved ones in mind may not be as romantic as giving them flowers or candy, but it's the most effective way to preserve your family's standard of living in the event of your untimely death. Life insurance, which provides a payout to your beneficiaries after you die, can also pay off any outstanding debts and allow you to pass on more wealth to your children. If you're thinking of buying life insurance, here are some factors to consider.

The amount of coverage that's right for your family.

One way to determine the amount of insurance you need is to use a method known as DIME, which stands for debt, income, mortgage and education. Calculate how much non-mortgage debt you have, your annual income multiplied by the number of years you want insurance coverage, the balance on your mortgage, and the estimated cost of your children's college education. Then purchase a life insurance policy that would cover all of those expenses.