How to determine how much life insurance you need
How much of your family income do you provide? If you die early, how much money would your survivors need for daily living? What about others who might depend on you financially or personally? Do you need to consider childcare expenses? Looking forward, how much will it cost for your child’s education? Will you need money for final expenses, such as funerals, unpaid medical expenses and other debts? And finally, how will inflation affect future needs?
Consider how much, and the type of life insurance you have now. Total your savings and investments. Don’t overlook social security benefits. Now, add this all up and you have a pretty good idea about the amount of life insurance you need. Don’t let the number scare you – it will probably look higher than you expected, but we work with this all the time, and we know where to find the best solutions.
Nobody lives forever
This is one of the hard and fast truths in life. If you have others who depend on you for support, this issue becomes especially important. Having an insurance agent you trust and who is able to shop for the best coverage and premiums places you ahead of the insurance buying curve. Taking the time now to plan for the future will help ensure your dependents have the necessary funds, even if you can no longer be there to provide for them. It can also mean that your children will not have to forgo plans such as college, just because you are no longer there to provide.
Whether you are healthy or have health problems, prices among similar policies can vary greatly. Life insurance is a highly competitive business, and that’s a good thing for consumers. You could waste thousands of dollars over the course of a life insurance policy by not using an independent agent who represents many companies, can do the shopping for you and show you rates from many different companies.
Be an informed buyer and call our office today 440-333-4450 to discuss life insurance and to get rates.