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Keep DIME in mind when shopping for life insurance.

A four-pronged strategy can ensure that a policyholder has the best life insurance for his needs, an Ohio financial expert suggests

There are four letters a life insurance shopper should remember, wrote Zanesville, Ohio financial planner Scott L. Webb in the Coshocton Tribune: D, I, M and E.

“D” stands for death. Families should budget for funeral expenses in their life insurance policy: funerals can easily run into five figures, and it can be hard for young families to come up with that kind of money. A rider that will cover funeral costs will only add $4 to $6 per month, Webb suggests.

“I” means income replacement; life insurance should provide sufficient income to maintain a family’s standard of living until the youngest child turns 18.

“M” represents mortgage and debt. Paying off debt with insurance can make a decedent’s family members’ lives easier.

And “E” is education: policy shoppers need to keep in mind their children’s future education costs. Higher education expenses are rising much faster than inflation: using 2006 data, Standard & Poor’s estimated that tuition and other fees would increase 6 percent each year. Families may need life insurance for different reasons, but having sufficient coverage is essential.

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Posted: December 28, 2009

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