1) Do the Math and Look at Your Situation.
· Only buy life insurance if you have a valid reason
· How much? Add up your expenses for 5 years of wages and living expenses, expected College expenses…this should give you a rough idea of how much life insurance you will need
· Look at your situation and ask yourself a few important questions

1) Do you have children that will be going to College?
2) Do you have a spouse that does not work?
3) Does you current job involve a lot of risk?
4) Do you have a mortgage?
5) Do you own a business?

· All good reasons to own life insurance
· Ask your attorney if you have an estate tax issue

Is there a certain type of life insurance that's better?

-Be as efficient as possible!
· There are four types of Life Insurance you can buy…Term, Universal Life, Whole Life, and Variable Life
· Term is the least expensive to buy and Universal Life is usually cheaper than Whole Life and Variable Life
· If you only need insurance for a certain period of time…consider Term
- For estate planning purposes use Universal Life…it will usually be · much less expensive than Whole life.

What else should we look for?

- Make sure your policies are updated and accurate!
· Do not use life insurance as a way to save money for retirement…it is an extremely expensive way to save for retirement
· Watch out for the insurance salesman that wants to sell you whole life instead of universal life…they will get paid more on a larger commission
· Make sure your policies have the right name on them…especially if you were married at the time you bought your policy or recently got divorced
· Make sure you have the right beneficiary listed
· Talk to an estate planning attorney to make sure your policy is owned in the most beneficial way, based on the size of your estate.
· If you policy is more than 5 years old, look to see what a new policy would cost with the same death benefit…you might be able to save some money

For more information visit www.reliancewealth.com or email Aaron at aaron.maguire@reliancewealth.com