Determining the right amount of life insurance can be difficult. You must carefully consider the financial impact of your death on your spouse, children and other dependents. But how do you know if you have the right amount of coverage?
In order to determine how much life insurance you need, you must first consider your marital status, the size of your family, your current and future financial obligations, career stage, and your current and future goals. In addition, you need to know how you want the proceeds of your life insurance to be spent by your beneficiaries. And you must be sure that as you take on more responsibility in your life and your family grows and changes, you evaluate your life insurance needs and make appropriate changes.
When you begin to think about your life insurance needs, ask yourself the following questions:
- How do I want the proceeds from my life insurance policy to be spent? Do I want to provide financial resources for my family, or do I have to also provide for a business, charities, or other interests?
- Will my family need to pay my debts, funeral expenses and other expenses upon my death? What other immediate expenses might they face?
- How much of my current income is used for current expenses? How much do I save for the future?
- If I were to die tomorrow, for how long would my spouse and other dependents need financial support? Are my children young, college aged, or independent adults?
- Will I want to provide for my children’s education?
- Will I want to provide for gifts to my favorite charities?
- Will any other assets be passed on to my dependents upon my death? Will these assets provide any financial security for them? How do these assets impact my need for life insurance?
- Do I want my dependents to be able to continue their current standard of living upon my death? Would they be able to do that without me?
As you age, your need for life insurance may decrease because fewer people will be financially dependent on you. But you may still want to have some type of life insurance for your entire life, especially if you want to provide some type of financial support for your family, no matter their age or stage of life.
Life insurance is a complex financial tool that can mean many things for different people. In order to make sure your family is covered, you need help from an experienced life insurance expert who can help you uncover your needs and explore all of your options. Contact the experts at SouthGroup Insurance Services to learn more about life insurance and how we can help you find the best coverage for your needs and budget.
We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com , SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: firstname.lastname@example.org , phone: 228-466-4498 fax:888-415-8922, FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !
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