How much insurance do you need?
The most basic purpose of life insurance is to provide a death benefit. To determine the amount you need, you should consider the following:
One-time costs: If the unexpected were to happen, what unfinished business might your family face? One-time coss could include funeral expenses, medical bills, estate taxes, mortgage balance, debt relief, a college fund, and others.
Living expenses: Would your spouse's income cover all of his or her living expenses? Living expenses include items like rent, mortgage, groceries, prescriptions, health insurance, utilities, transportation, child care and even entertainment.
Years of need: Finally, for how many years would your spouse or family need income? Depending on your age, your spouse or children could potentially need income for 20 or 30 years, or more.
I can walk you through a simple worksheet to estimate how much life insurance you need. But how much you choose can be a matter of personal preference.
It can be a simple equation - and a personal decision, too.
There are many reasons to buy more insurance than you actually need. Perhaps you'd like to provide some nice "extras" for your family. Perhaps you want to provide some capital to help your business expand. Or maybe you want your policy's cash value to accumulate faster, so you can use it to supplement your retirement income.
Whatever your goals, I can help you find a policy - and a death benefit - that meets your needs.
Whatever your goals, there's a life insurance policy that can meet your needs.