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Do You Have Life Insurance?

Do you have good life insurance coverage?

I know a few folks who think life insurance is bad because they see it as a lack of trust in God to provide.  I can make a case to the contrary. I think it’s strategic planning to take advantage of this tool to care for your family’s needs. The purpose of life insurance is to allow your family members to pay the bills and live their lives as planned despite your absence. Here are the top four categories of expenses that you need to consider for calculating your insurance coverage.

First, your death expenses. A funeral, burial, and related expenses should be covered. I don’t believe in buying expensive caskets but make your own estimates here for what you think you’ll need. Next, your mortgages and other debts. Total your mortgage balance, car loans, student loans, and any other debts that would be burdensome to your survivors. Make sure all of those are covered by your insurance amount. Then education and wedding costs. This calculation can be tricky because you need to estimate the future costs for all your children. Finally, your income replacement. Once you cover debts and expenditures, calculate future incomes and earning. Add the four categories to estimate how much life insurance is appropriate, then tweak the number to reflect personal circumstances. For many families, the total could run a million dollars or more, but don’t be alarmed. Boosting your death benefit by hundreds of thousands of dollars of term insurance could only cost a few hundred dollars a year.

And if credit card debt is preventing you from buying life insurance, let Christian Credit Counselors help. They can create a debt management plan that works for you. For more information call the Crown Helpline: 800-722-1976 or visit online at