Life Insurance
How Much Life insurance is needed?
The answer isn’t really how much life insurance you need, it’s how much money your family will need after you’re gone.
Ask yourself:
- How much money will my family need after my death to meet immediate expenses,
like funeral expenses and debts? - How much money will my family need to maintain their standard of living over the long run?
Life insurance proceeds can help pay immediate expenses including uncovered medical costs, funeral expenses, final estate settlement costs, taxes and other lump-sum obligations such as outstanding debts and mortgage balances. They can also help your family cover future financial obligations like everyday living expenses, money for college or your spouse’s retirement, and so much more.
But what’s needed a $100,000, $500,000, $1 million or more? To determine your need do what is called a Capital Needs Analysis.
Obtain your personal financial information and estimate what your each of your family members would need to meet current and future financial obligations. Add up all of the resources that your surviving family members could draw upon to support themselves. The difference between their needs and the resources is the amount of life insurance that you need.
Life insurance is a four letter word “Love”. If you love someone you will take care of them when your not here to do it yourself. If you’re serious about protecting your family’s future, we can assist you.