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How much life insurance do you need? Posted on : 6th Nov 2009

Determining the right amount of life insurance to provide your loved ones with is challenging.  There are many different aspects of your loved one’s future lives to consider, as well as the obligations created by your current life. Here are just a few points to examine:

  • What are your current income and monthly expenses? 
    • How much income will your loved ones need to replace after your death? Are you the sole wage earner, or is there another income they can use to offset monthly expenses?
    • How much money will your loved ones need to pay off all your accrued debt? Leaving your surviving spouse and children with a mortgage, auto loan and other debts can create tremendous hardships in the future.

 

  • How old are you, your spouse and your children? 
    • People with young children need to consider the amount of money their surviving spouse will need over the years to properly support their children.
    • If your spouse is close to the age of retirement, he or she may need less money from your insurance policy than if he or she is 10 or more years away from accessing retirement savings.
    • Are your children through college? If not, you may need to consider tuition costs in your death benefit.

Each of these questions and considerations can be used to create the perfect policy for you. At The Insurance Center, we are happy to help answer any questions you may have and provide you with great proposals tailored to meet your needs.  Remember, life insurance is not for you--it is for the loved ones you leave behind.  Don’t put those lives and futures at risk by neglecting proper planning, call us today!

And remember, when you think of insurance,
think The Insurance Center for all of your insurance needs! 801-622-2626

 
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