How Much Life Insurance Do You Need?
Have you ever thrown a party where the sole purpose was to discuss Life Insurance? I’m guessing the answer is, “NO”, but if you have…well let’s just say there are better themes.
Life Insurance is a necessary evil, most of us don’t like to talk or even think about it. We’d prefer to act like it’s never going to happen, but we all know how it will ultimately turnout. The question is when it does will your family be protected? Do you have enough? How do you determine what’s enough?
East and Greenwell Insurance agents are here to answer your most important questions. We can help you assess your coverage to determine if you have enough. When it comes to life insurance, the first question is often, “Why do I need life insurance?” Some of the reasons include:
• To Pay Final Expenses
• To Cover Children’s Expenses (College)
• To Replace the Spouse’s Income
• To Pay Off Debts
• To Buy a Business Partner’s Shares
• To Pay Off Estate Taxes
How do you determine if you have enough life insurance? The best place to begin is with your current finances. Are you a homeowner or do you rent? Your current expenses gives you a glimpse of what you’re spending and what the debt may look like if you’re not there to support your family. Multiply your annual income by seven to ten in order to determine a sufficient life insurance amount.
It’s always hard when you lose someone you love, but your emotional struggle does not have to equate to a financial one. Ensure that your family will be taken care of should something happen. A sound life insurance plan can bridge the gap in your family’s income and help cover your final expenses as well as day-t0-day expenses for your family.
At East and Greenwell, we understand what it means to have families and have people that depend on you. Make sure your family will be provided with the best life insurance policy available. Contact us to schedule a review to make sure that you and your family have the protection it needs should something happen.