8 areas in buying life insurance

1. What are your short-term financial needs? To figure this out, consider emergency expenses and outstanding short-term debts. Emergency expenses should include a cash reserve to cover medical emergencies or repairs to your home. Short-term debts include credit card balances and car loans

2. What about long-term debts? This includes your mortgage, student loans, and future tuition costs. Deciding what your children may need in the way of college funds may sound tricky. But using the cost of college today as an indicator will give you some sense of how much to plan for.

3. How much will your family need to maintain their standard of living? On this list you'll want to include necessities such as childcare, household bills, and transportation expenses. Also consider how much your family spends on non-essentials, like shopping and vacations. Once you've come up with a figure based on one year, multiply that by the number of years you expect to be providing for your family.

4. How much are your family's resources worth? Put a dollar amount on your family's resources. To do this, you'll want to include savings, stocks, bonds, mutual funds, and Social Security benefits. This list should only include your "liquid assets" - meaning assets that can be converted into cash quickly and easily.

5. Remember your Social Security Benefits

6. Review all debts

7.Cost of living increases from year to year

8. Remember pension funds in the amount of insurance you need.

If you have insurance questions please call Les Robinson at 1-800-836-2040 or e-mail at lrobinson@thenorthwoodscorp.com

For a quote on your Life Insurance call Les Robinson at 1-800-836-2040 ext. 3014 or go to website at http://www.wnyinsurance-quote.com/html/quotes.html

Les Robinson

Insurance Broker

The NorthwoodsCorp.

8810 Main Street

Williamsville, NY 14221

Phone: (716) 626-0004 Ext. 3014

Fax: (716) 626-5057 Attn: Les

lrobinson@thenorthwoodscorp.com

See "the ABC's of Insurance" TV show on Time Warner Cable Channel 20 in Western New York hosted by: Les Robinson