According to LIMRA International, 68 million adult Americans have no life insurance. Those who own life insurance have an average of four times their annual income in coverage, which is considerably less than most experts recommend.
What is it for?
Life insurance is primarily used to cover lost income or the financial responsibilities of the insured if something unfortunate were to happen that resulted in death. Such responsibilities may include but are not limited to: consumer debt, dependent care, college education for dependents, funeral costs, and mortgages.
How much life insurance do I need?
The short answer is, it depends. Are you looking strictly to cover your income in case something happens to you? Or are you wanting something that will give you income in retirement? Maybe you want something that helps pay for college expenses when your children or grandchildren reach that age. In any case, I can help. Your family should not have to deal with it on their own without a plan in place.
What kind of life insurance should I get?
This also depends, every situation is different. You probably need some term life insurance but there are also some situations where a good permanent life policy is needed. There are some great investment tools built into whole and universal life policies. Other types include annuities and final expense coverage. Let’s figure out what is right for you.
What’s next?
If you are ready to set up a plan or want to review your current plan, please contact me. Remember, I never charge a fee for my services. We can take a complete look at the options and come up with a strategy
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“How do you know how much life insurance coverage you need?”