Knowing that you need life insurance protection is half the battle.
Once you’ve decided to invest in a policy, the first question naturally to ask is…
How Much Life Insurance Do I Need?
The answer to this question is unique to each individual. Each person’s life insurance needs are different depending on their life circumstances. Getting the right amount of coverage is crucial in protecting your family and your finances.
How Much Life Insurance Do I Need – Rule Of Thumb
The purpose of life insurance is to reduce or eliminate end-of-life expenses so that no one suffers a financial burden after you’re gone.
Every year millions of American’s die without enough money remaining to cover end-of-life costs. As a result, surviving loved ones take on a financial hardship regardless of whether they have the financial means.
There is a simple rule of thumb to follow when asking yourself how much life insurance do I need? The answer is enough coverage that you do not leave behind a financial burden to surviving loved ones. No Exam Life Insurance Quotes
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Questions To Help You Determine Your Life Insurance Needs
If you’re over the age of 50, ask yourself these questions to determine how much life insurance you need to protect your loved ones.
Do You Wish To Have a Traditional Burial or Cremation?
Did you know that the average funeral costs between $8,000 – $11,000? And the average cremation cost between $2,000- $4,500!
You may not have thought about which you prefer; however, by answering this question, you’ll be able to estimate your life insurance needs more accurately.
Just as it costs thousands of dollars to bring a newborn baby into the world, death has a price tag.
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Do You Have Personal Debts or Credit Card Balances?
It may come as a surprise that left behind debts can be transferred to surviving family members. It’s essential to take care of any outstanding personal debts so that loved ones are burdened with high-interest debt.
Did you know that in 2017, over 50% of all Americans over age 65 had a current balance on at least one credit card? Even though you may have intentions of quickly paying off your credit cards, unexpected events may prevent you from doing so. Securing funds through a life insurance policy can ensure that these debts get paid.
Do You Have Good Health Insurance?
We all want to believe that we will pass quietly in the comfort of our own home, however; that’s rarely the case.
In reality, over 80% of all deaths in America require end-of-life care. This means care within a hospital, ambulance rides, emergency procedures, ext. As a result, many people acquire last-minute medical bills. Without excellent health insurance coverage, you’ll likely leave behind medical bills from care needed in the last weeks before death.
Although last-minute medical bills are uncertain, life insurance funds act as a financial safety in case it does.
Will Your Spouse or Kids Need Any Additional Income?
Typically funeral costs and medical bills are the most significant expenses left behind. But what happens if your spouse or loved one depends on your income?
Losing your income stream may result in your loved ones facing severe financial challenges after you’re gone.
The right life insurance policy can supplement lost income so the surviving family can maintain their quality of living.