5 things to know on children’s life insurance

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5 things to know on children’s life insurance
News from USA TODAY:

Bill Barrow and Tom Murphy, AP Staff Writers 7:48 a.m. EDT July 6, 2014

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Life insurance doesn’t have to be a mystery
News from Dallas Morning News:

The topic of life insurance doesn’t have much going for it. First, it’s about insurance, which many people find boring and complicated. Second, it can involve paying money for something you may never use.

And it’s about death.

Those are difficult hurdles and probably among reasons why many surveys show Americans don’t have enough life insurance, which might better be called “income insurance” because its primary purpose is to replace income from a family breadwinner.

Statistics show ownership of individual life insurance policies is at the lowest level in 50 years, with only 44 percent of households owning them, according to the insurance industry group LIMRA.

The good news for consumers is, the basics of life insurance continue to apply. “The beauty of life insurance is that it’s not a fast-moving industry,” said Amy Danise, editorial director for Insure.com. “Unlike health insurance, where what you know one month is wrong the next month, life insurance advice is consistent.”

Here is some of that advice:

Determine whether you need it. The overly simple rule is that single people don’t need life insurance, married people might and parents of school-age children do. The specific answer is easy to determine. Ask yourself, “Would anybody be hurt financially if I died and wasn’t bringing home money anymore?” If yes…………… continues on Dallas Morning News

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