Many of our friends and family freely offer us advice on life insurance. Some of us take this advice to heart. Ultimately what happens when their calculation does not work out.

Life insurance is a serious subject. There is one theme that should run through any discussion of the product. Your life insurance company hands the beneficiary a sum of money when you die. Friends and family, may not only influence who you may buy insurance from, but when as well. For example, your buddy owns a Real Estate firm and tells you what life insurance you have at work is enough. You listen to your friend because he or she is intelligent and successful. However something is missing. Does your friend really know your entire financial picture? Many of us do not allow, or restrict friends and family from our pertinent, financial business.

The old saying "what's good for the goose is good for the gander," should not apply to your life insurance. Buying the same life insurance policy as your friend or family member could leave you severely underinsured, or maybe even over insured in this area. The worst case would be if your friend advised you not to buy additional life insurance outside of work. Will your friend write a check to your spouse to make up the difference due to debt obligations? Does your friend or family member have extra cash for your spouse as they attempt to sale their home? Your friend may not know you took out a home equity line of credit to send Becky to Cornell this semester, or that you have $45,000 in personal debt. Your friend or family may be giving you advice that seems responsible in their own mind, but it may not be proper for your situation.

Ultimately, it is your financial future that needs to be addressed. You need to decide whether it is in your best interest, when your friend or family member gives you advice on life insurance. If it is the wrong advice, it could cost your spouse or family dearly.

Disclaimer: Always consult a financial profession to determine what coverage is right for you.

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