Here are some of the factors you should consider as you’re buying life insurance.
With all the policy options and sizes out there, choosing the right life insurance can seem like an overwhelming task. One of the most difficult parts of getting a policy is choosing one that offers enough coverage to meet your needs. To ensure that you are getting enough coverage, here are some of the factors you should consider when choosing a life insurance policy.
Debts
Your life insurance policy should offer enough coverage to take care of the debts that you leave behind. To get a better understanding of how big of a policy you need, add up all your debts including student loans, credit card debts, and your home mortgage. This will help you see everything that your policy will need to cover.
Educational Expenses
If you have children, then you should made a provision for their future academic expenses. To cover costs such as college tuition, educational materials, and housing, a good rule of thumb is to get a policy that includes at least $100,000 per child.
Lost Income
Another thing that you should consider is how the loss of your income will affect your loved ones. This is why your policy should include coverage to make up for your lost wages. Simply take your annual income and multiply this amount by the number of years you want to replace income for. This final sum will help you understand how big your policy should be.
Funeral Costs
With the average funeral costing well over $7,000, your funeral and burial costs are not something you should overlook. When you’re selecting a policy, make sure you include enough coverage to take care of the expenses associated with your funeral and burial.
These are some of the major factors that you need to consider as you are selecting the right life insurance for you and your loved ones. Do you have more questions regarding your life insurance? Then turn to the professionals at Donald Weiss Insurance Services. Our dedicated team is ready to assist you with all your coverage needs. Contact us to get started today.