If something were to happen to you today, are you certain that your loved ones would be safe from financial worries? Are you concerned that they might not live the life you built for them without you there? Thankfully, there are measures you can take right now that will secure your family’s well-being should the unthinkable occur. However, with so many policy options to assess when seeking the correct life insurance plan, things can get confusing quickly. We have the ability to shop the best rates among multiple insurance providers, so you can confidently live your life knowing your beneficiaries are protected through a direct line of savings.
There are five important things to consider when determining how much life insurance to purchase.
1) Final Expenses – A term that refers to funeral costs and final medical bills following the death of a loved one. In Texas, the average final expenses for an individual range between $15,000 – $20,000.
2) Mortgage – The loan balance on your home. It’s important to consider whether or not you would like to pay off the note on your home in the event that a loved one passes, especially when that person provided an income to the household.
3) College Education – It is important to consider whether or not you would like to provide a college education for children. The cost of higher education continues to rise, and it’s important to financially prepare accordingly.
4) Debt – Most households have debt – whether it’s credit card debt, auto loans or another form of debt, it is something that can be cleared up swiftly, if proper life insurance is secured.
5) Supplemental Income – Did you know that you can secure supplemental annual income that is free of federal income tax? Supplemental income is determined by the amount needed for an individual to care for their family or self in the event that the primary income provider passes.
See our life insurance calculator to find out how much is needed to reach your goals.