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The answer isn’t really how much life insurance you need, it’s how much money your family will need after you’re gone.
- How much money will my family need after my death to meet immediate expenses, life funeral expenses and debt?
- How much money will my family need to maintain their standard of living over the long run?
Life insurance proceeds can help pay immediate expenses including uncovered medical costs, funeral expenses, final estate settlement costs, taxes. and other lump-sum obligations such as outstanding debts and mortgage balanced. They can also help your family cover future financial obligations like everyday living expenses, money for college, or your spouse’s retirement, and so much more.
But how do you know if you need $100,000, $500,00, $1 million or more? The most common way to determine your life insurance needs is by conducting what’s called a Capital Needs Analysis.
Here’s how it works. Start by evaluating your family’s needs. Gather all of your personal financial information and estimate what each of your family members would need to meet current and future financial obligations. Then tally up all of the resources that your surviving family members could draw upon to support themselves. The difference between their needs and the resources in place to meet those needs is your need for additional life insurance.
This may seems simple enough, but calculating one’s life insurance needs can actually get pretty complicated. To make it easy for you to get a general sense of your needs, check out our life insurance needs calculator. It’ll walk you through the process and provide you with an estimate of your insurance needs in a matter of minutes. (See the Link Below)
But remember, our calculator (or anyone else’s for that matter) is no substitute for the guidance and assistance you’ll get by meeting with a qualified insurance agent or other financial professional. So if you’re serious about protecting your family’s future, contact our office for a life insurance specialist!
If you receive a letter from your insurance company stating your policy will be terminated at the end of the year, try not to panic. You have several options, even a guaranteed right into Medicare Supplements. Please contact our office if you have any questions about plans available in your area.
Which Insurance Plan is right for you?
This is a decision every Medicare eligible person needs to make. The above link will help you understand the difference between a Medicare Supplement and a Medicare Advantage. Once you decide on the type of insurance coverage you would like, it will be easier to choose an insurance plan that is appropriate for you.
Prescription Drug Coverage changes every year; it is important to review your medications during the Annual Enrollment Period, between October 15th to December 7th, to ensure your medications are still covered by your plan. The above link will provide you with additional information on Prescription Drug Plans and what to be aware of when changing plans.