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  FINANCIAL PLANNING WITH   LIFE INSURANCE By-Siddhant Srivastava  ã  What is Life Insurance and when should we get it?  –  A means for protecting the financial security of those that depend on us for their safety and economic well being.  – The best time to get it is when you are young and healthy.  – You should have some by the time you marry or partner.  – You are foolish not to have it when you start a family and acquire property (cars, home, investments, etc.) LIFE INSURANCE 2  ã Major Purposes of Life Insurance  – Pay off mortgage or other debts at time of death  – Provide lump sum payments or endowments to beneficiaries  – Provide education or income to children  – Make charitable donations  – Provide retirement income (whole life / endowment policies)  – Estate Planning (paying estate or gift taxes) LIFE INSURANCE 3  ã How Much Life Insurance Do You Need?  – The answer depends on your personal life situation ã A young single person – not much ã An older person with family responsibilities – depends  – Number of dependents  – Magnitude of financial liabilities (mortgages, loans, etc.)  – Magnitude of income  – Social Security survivor benefit  – Example #1: Family (spouse, children, household expenses) ã 7 times 70% of yearly income ã More if dependents are under 7 years of age.  – Example #2: Dual Incomes no Kids (DINKs) ã Enough to cover debts ã Provide a financial cushion LIFE INSURANCE 4
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