When should you buy life insurance?

Most people who have financial obligations such as a spouse or partner, kids, an elderly parent, a business or outstanding loans should have life insurance. But, since your needs can grow as your life changes, there are some milestones that should trigger an evaluation of your current coverage. For instance, review your insurance needs when you:

• Get married: When two people combine their lives, they bring their debt along with them. Purchasing enough insurance to make sure your new spouse has money at hand to settle your financial obligations, as well as provide for the future if you were to die, is an important step in building a life together.
• Buy a house: Mortgage payments and living expenses in many instances require two incomes. Without one income, mortgage payments may soon be too much for a surviving spouse to handle. Even if your spouse doesn’t work, life insurance for him or her is still important because of all of the roles he or she plays in maintaining your lifestyle. Without your spouse, you may have to pay someone to handle the tasks previously done by your spouse.
• Have a child: Life insurance can help pay for child care expenses—from day care to college tuition—should you or your spouse die. As your family grows, so should your life insurance coverage.

While everyone’s needs are specific to their circumstances, many insurance professionals recommend a benefit amount of five to 10 times your annual salary.

Don’t wait for a sudden tragedy force you to examine what your life insurance needs are—act soon to make sure your family is protected with the right amount of insurance coverage. Your Society membership provides you with the opportunity to request life insurance coverage issued by The Prudential Insurance Company of America and endorsed by the Wisconsin Medical Society. Don’t delay—make the most of your membership and request this important protection today.

Wisconsin Medical Society Life Insurance coverage is issued by The Prudential Insurance Company of America, 751 Broad Street, Newark, NJ 07102. A Booklet-Certificate with complete Plan information, including limitations and exclusions, will be provided. Contract series 83500.

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Ed. 6/09