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4. Protecting your income with life insurance


Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Divorce
Death of a Life Partner
Military Life


Protecting your income with life insurance. “How can I protect my spouse financially if I were to die?”

Before joining lives with your new partner, you possibly had few financial obligations to anyone else, especially if you had no children.

If you are coming to a new relationship with children, you might have considered the children as your only future obligation.

Determining what would happen financially to your new partner if you were to die requires that you consider your life insurance needs.

The following subtasks may assist you in protecting your income with life insurance. You will find detailed resources for these subtasks under the links in the right column of this page.

Subtask 1: Determine whether life insurance is needed at all

Subtask 2: Calculate the amount of insurance that would be appropriate

Subtask 3: Decide on the right type of life insurance


Blending Two Lives Tasks

1. Creating a joint spending plan
2. Building shared credit access and usage
3. Managing dual careers
4. Protecting your income with life insurance
5. Estate planning

Protecting your income with life insurance Subtasks

1. Determine whether life insurance is needed at all
2. Calculate the amount of insurance that would be appropriate
3. Decide on the right type of life insurance

Permanent link to this article: http://napfafoundation.org/financial-help/blending-two-lives/4-protecting-your-income-with-life-insurance/