Life INsurance Policy Georgia GA
Reader’s Question:
My friend’s husband died. Will she still need a life insurance policy in Georgia?
Irene
Albany GA
There are certain periods in our life when our financial needs change. In this event, it is important to re-evaluate our needs.
If your friend’s spouse already passed away, she needs to assess her insurance coverage in Georgia. If your friend has children or loved ones who are dependent on her in terms of finances, she needs to purchase a life insurance. On the other hand, if she is older and have children who have grown and are no longer financially dependent on her, she may or may not get herself insured. If she opt to get an life insurance policy, she may need less insurance premium.
If your friend’s children are still dependent on her, life insurance can provide financial assistance to your friend’s loved ones in case something happens to her. The amount of premiums of a life insurance depends on the number of her children, the age of each of her children, her salary, assets and debt. As a rule of thumb, purchase a policy that is six to eight times her salary. She will also have to ensure that the insurance is enough to cover her children’s everyday living expenses and the cost of education until they finish
college. She can ask her insurance agent to help evaluate her needs and find the right policy.
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