Protect your family with the coverage they deserve.
The question, “how will my family manage if I pass?” is a rather difficult question to ask yourself because it comes to terms with one’s own mortality and forces you to think of a scenario in which your family is forever without you. As difficult a question as it may be, there is a simple solution: a life insurance policy. There are two kinds of life insurance policies, and once you figure out the one that is right for you, you have to choose how much insurance your family is going to need. They need enough to be comfortable, but not so much that your premiums break you financially. Find how much life insurance you and your beneficiaries are going to need by following these simple tips.
How Much Life Insurance Do You Need?
The most important part of buying life insurance is determining how much you are going to need. Since everyone’s financial circumstances are different, there’s no universal rule of thumb to tell you how much you need to buy.
You may be thinking that your family won’t need $250,000, $500,000, or even $1 million. But think about the costs of a funeral, any credit card imbalances you may have accrued, and the other expenses they need? (College can be very expensive, and will only continue to be so.)
Estimate what your family would need after your immediate passing, along with ongoing and future financial obligations. Add up the resources your family members could draw on to support themselves. Things like a spouse’s income, life savings, and a life insurance policy you may already own. The difference between the two is your most likely need for additional life insurance coverage.
To learn more about life insurance and to get a better estimate of how much your family will need, contact Donald Weiss Insurance Services in Santa Monica, California. Our dedicated team can help you determine exactly what you want to get out of your coverage, helping you pick the right policy with the right term for your goals. Don’t be left with questions when buying this crucial coverage; call us today!