Determining how much life insurance you need depends on your personal situation — and whether you are seeking both death and living benefits.
Many individuals purchase life insurance policies primarily to provide a death benefit to beneficiaries. This offers much-needed relief to loved ones in the event of the insured’s passing, helping the surviving family afford funeral costs, continue paying the mortgage, replace lost income and meet other financial obligations.
Other types of policies are permanent in nature, providing living benefits such as a cash value that can be accessed to supplement retirement income, pay tuition, cover a down payment on a house, or meet unexpected expenses.
Some life insurance policies have death benefit riders that allow the owner to access a portion of the death benefit while still alive for qualifying events – typically a terminal or chronic illness.
Your total insurance need depends on how you plan to use it — and there are more ways to leverage life insurance than many assume.
A Knights of Columbus insurance agent can provide a comprehensive analysis, walking you through the factors discussed above and helping you discern the best fit for your family. This personalized review is a complimentary service and one of the most valued fraternal benefits the Order offers.
For more information and resources, visit kofc.org/familyfinance.
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Michael F. Burkitt, CLU, ChFC, ChSNC, is director of Field Performance for the Knights of Columbus and a member of West Virginia University Council 8288 in Morgantown.








