Life insurance – Balance your Needs with your Resources
Life insurance will provide a safety net for your family after you are gone.
It will help cover the debt, provide income and help your family maintain the lifestyle they are accustom to. Everyone’s life insurance needs will vary depending on their financial and family situation, so that’s why it’s important to talk with a trusted advisor. An easy way to start thinking about your life insurance needs is to find the balance between your needs or financial obligations and your resources such as additional family income, investments, savings etc.
Take a look at the financial obligations you have as well as anticipated future obligations.
Amount of debt.
- Monthly bills such as heating, electric, phone/internet etc.
- Lifestyle and how much will it cost to maintain it
- The time you have before retirement benefits
- Dependents – here are some things to consider about the needs of your dependents:
– How many dependents rely on your income?
– How much longer will they need support?
– What are their future needs such as schooling?
– Future medical needs such as orthodontics?
Before you decide how much life insurance you need, consider what additional resources will be available to your family.
Additional income sources
- Ability to pay off debt if your income is reduced
- Plan out how your resources will be able to provide income over time
With over 2,000 companies offering Life insurance, shopping for a policy can be overwhelming. An independent insurance agent will have access to several different life insurance carriers. They will be able to provide you with several options, so you can find the one that best fits you and your family.
If you have questions about life insurance or would like to speak with a life insurance advisor call 800-392-6532.