Do You Have Enough Life Insurance? - Exact Insure
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Do You Have Enough Life Insurance?

How much life insurance is enough? If something happens to a provider in your family, will the survivors be able to maintain a comfortable lifestyle? Or, will they be forced to scramble and scrimp in order to make ends meet?

All too often, individuals have settled on a figure that sounds big – “I’ve got half a million dollars in life insurance!” – but that, in reality, will not provide adequately for their family in the unfortunate event of their death. Ensuring the financial well-being of survivors is worth a sit-down with a life insurance professional. Here are a few things your life insurance advisor will take into account:

How Will Taxes Effect the Survivor’s Income?Family_white_background_full-2

Death taxes often take clients by surprise. It is important that you understand how your estate will be taxed, as well as how the money earned from invested life insurance funds will be impacted.

How Much Debt Do You Have?

How much debt is your family carrying, including the mortgage, car loans, credit cards, lines of credit, etc? This is a number you’ll want to consider when calculating your life insurance needs.

College and Graduate School Costs

If part of the legacy you’d like to leave includes providing for the higher education of your children, you’ll need to consider whether your current savings will provide for this goal. If not, you will need to ensure that your life insurance is hefty enough to pay for tuition, which can amount to hundreds of thousands of dollars per child.

How Long Will Your Spouse Be Dependent on Life Insurance Income?

Will your spouse simply need enough time to get back on their feet after your death? Or, do you need to provide until the children are out of the house and independent, or even until the death of your spouse? If your spouse doesn’t work, will they get a job in the future? In how many years? For insuring a non-working spouse, what is the cost to replace the roles he or she fulfills? Will you need a nanny or other child care? A housekeeper? For how many years will these services be required?

Don’t Leave It To Chance

Selecting a life insurance number that sounds big may leave your family with financial worries after you’re gone. To ensure that you have adequate life insurance to provide for your loved ones, contact a life insurance advisor today. In Indiana and Kentucky, call Exact Insure at 317-686-7987.

 

 

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