It’s important to sit down and find out how much Life Insurance your family needs. It can feel overwhelming and many people have none or not enough of the stuff. There is also a whole bunch of different products out there too. So here are some tips:
- Take your income and divide it by 5%. This is a rough starting point. If you make $50,000 and divide it by 5%, you’ll get $1,000,000 of death benefit need, this depends on age.
- There could be a need for a spouse that stays home with the children to have life insurance as well. Perhaps as much as the working spouse.
- There are riders on some policies that will waive your premium if you become disabled. This is a benefit you must pay for. Don’t be cheap, get it.
- A work policy might sound great and might be a good deal. That is unless you stop working there or possibly become disabled. Stop depending on your employer to make yourself financially healthy.
Call us. Term Insurance has dropped in cost over the years, so there is not much of a reason not to own it.
You’ll feel cooler owning your own policy. Ok, probably not. But, you know it can be the right thing to purchase for some people.