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Monday, February 9, 2015

It's Time To Die --- Do You Have Enough Life Insurance for Your Family?

Do you know if you have the right amount of life insurance? Are you confident that your family will be covered?
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?
You will likely have other considerations, as well. And once you have determined how much life insurance to purchase, you will need to review your needs and the answers to these questions as your life changes. You should conduct a complete review of your life insurance policies at least every five years to make sure that your family is covered. In addition, your needs always change when you go through a major life event like marriage, a birth, divorce, or the purchase of a new home or a business.
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 ,  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: , phone: 228-466-4498 fax:888-415-8922,  FaceBook, or Twitter !

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states.

Insurance is stressful, but we make saving easy.  We help you save money on insurance!

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1 comment:

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