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How Much Life Insurance Do I Need?

How Much Life Insurance Do I Need?

June 04, 2019

Choosing a life insurance policy can be daunting. Who you are, how old you are, and how many people depend on you are all factors that affect how much life insurance would be appropriate for you. Here is a breakdown of the different stages of life and how life insurance can benefit during each one:

Single People

Some people may assume that if no one is depending on them financially, they don’t need life insurance. However, if you plan on providing financial support to aging parents or sibling, life insurance may still be of benefit to you so you can ensure that your family is financially cared for if you were to fall ill.

New Families

With the many expenses that come with starting a family, it is important to consider the value of your income and what would happen to your family if you or your partner became sick or injured, or even died. Now that you have dependents, you undoubtedly need more life insurance. Life insurance can help replace income, pay off debt, and plan for long-term needs such as college funds for your children. Stay-at-home parents also need life insurance—they provide valuable services such as housekeeping and childcare, which would be expensive to upkeep if they could no longer work.

Established Families

With children out of the house and retirement looming on the horizon, it is as important as ever to consider life insurance during this stage. If something happened to you or your spouse, life insurance would help your children complete college and pay off a mortgage, along with supporting the surviving spouse through their retirement.

Retirees

With retirement periods becoming longer and longer and the growing expense of assisted living and other forms of long-term care, it is important to make sure that you and your spouse do not outlive your savings. If you or your spouse dies, life insurance can allow the surviving spouse to maintain the previous quality of life.

Regardless of your circumstances, the right amount of life insurance can help you protect your income and quality of life, in addition to the livelihood of your family. To talk about what amount of life insurance would would be best for your specific situation, contact us here today or get your instant quote here.

This blog post was originally posted on our dedicated insurance site, 1752 Insurance.