The topic of life insurance is often considered taboo in our society because few people want to talk about death, much less making plans for it. However, as the joke goes, it's one of the two inevitable things in life. Not planning ahead may leave your family in financial jeopardy, especially if you're the main income earner.

When buying life insurance, you need to buy a policy that will meet at least the basic living expenses for your dependents. This will vary depending on whether you're a family of two or a family of ten. The basic rule of thumb is to buy a policy that's equal to ten times your annual salary. If you earn $70,000 a year then you'll want to have at least $700,000 in life insurance. If they have to make a claim, your beneficiary can invest the money and they should be able to live off of the interest.Life insurance is also essential for stay-at-home parents. Even though you're not bringing in a paycheck, you contribute a lot to your family and you should have a policy of at least $250,000. It would take a large portion of that to pay for child care, cooking and cleaning services and all of the other tasks you handle for the family. Single parents are also not exempt from the need for life insurance. You, arguably, need it even more than two-parent families since you're the sole provider for your children.

As an independent life insurance agency serving the Rochester, Minnesota community, our team at Safechoice Insurance Agency is dedicated to helping you become educated about life insurance so that you can make decisions that are beneficial for your family. Contact us today to learn more about life insurance.