Below are the primary areas of concern in relation to debt. Should something happen to you, these are the financial burdens your family could face.
Keep your family from dealing with the stress of moving from the family home by protecting your mortgage.
Ensure that car payments stop to soften the impact of your lost income.
If you have student loans, make sure they don’t become a burden to your family.
Make sure your family isn’t strapped with high-interest ancillary debt.
In addition to eliminating your debt, why not ensure that your family will be financially secure if you’re not around?
Experts recommend having enough insurance to cover at least 10 years of your income. What is your income and how many years would you want to replace?
Many parents choose to ensure that funds are set aside to provide for their children’s college fund. Currently, the average tuition to attend a four-year, in-state college is $10,000 per year.