MOomeWw How MuchLife Insurance Do You Need? (NAPSA)—The old “rules of thumb”often used in buying life insurance maybe obsolete. In fact, getting life insurance may be simpler than many people realize, according to a leading financial security company. “When determining the amount of life insurance that is ideally needed, there’s no ‘one size fits all,” said Dave Simbro, Northwestern Mutual vice president— life products. “It’s important to consider several key factors and work with a trusted advisor who can take into account your individual circumstances.” How to Decide Here are some suggested factors in determining how much and what typeoflife insuranceis right for you: eAge and number of family members dependent on your financial support Existing debt (such as car payments, student loans or mortgage) *Risk tolerance and investmentobjectives Existing planning, savings, life insurance, investments, retirement programsor other assets Current and expected income eEstate tax liability (current and expected) Current health Children with special needs or blended family considerations Expected inheritance Monthly or yearly budget. Something Else To Consider Simbro said it’s also important to regularly review the designated beneficiaries of life insurance. “You’ve taken all the right steps to safeguard yourfinancial security and your family’s financial well-being by purchasinglife insurance, but for your planning to have full effect it’s also critical ral 3 Proper financial planning includes the right amount and typeoflife insurance and regular reviews of who’s to be the beneficiary. that you select and regularly review your designated beneficiaries so you can be confident your intentions will be fulfilled expediently and in accordance with your wishes,” he said. “The impact of an incorrect choice can create challenges,” Simbro added. “In cases where there are more complex circumstances, such as those that include prior marriage, blended families or family-owned businesses, additional planning and extra consideration may be required to ensure that all scenarios have been taken into account. This is whyit’s important to get expert advice.” Don’t Go It Alone Northwestern Mutual offers interactive calculators to help you determine your insurance needs, retirement plan and college savings budget. In addition, working with a financial advisor is an easy way to keep your planson track; a trusted professional helps ensure that you identify the right solutions to meet your financial needs and help reach your long-term goals. Learn More For more information or to find a representative nearby, visit the Office Locator at www.northwest ernmutual.com.
