One of the greatest tragedies I have seen is when someone loses a spouse or loved one, and then they find out too late they do not have enough life insurance to cover their final expenses. Things like burial costs and transition expenses can put an unnecessary strain on your family financially. Is that really how you want to be remembered?
Unfortunately, life insurance is not a topic most people want to talk about. It can be difficult to think about our own mortality. But it’s something that has to be addressed to protect your family and your valuable assets.
When considering how much life insurance you need, there are several things you need to consider. For example, if the person is the major bread winner for the family, then you need at least enough to replace the salary that’s lost. This will allow the ones left behind to maintain their current lifestyle.
Another thing to consider is how much debt you currently have. Do you really want the one you leave behind to be burdened with a lot of debt they can’t pay because the main income earner for the family is no longer there to take care of things?
Something else to consider is paying for your child’s college education. Wouldn’t it give you a little more peace of mind knowing your child’s education and their future is taken care?
As you can see, there is a lot at stake and a lot to consider when thinking about your life insurance policy. Do you want to leave behind a legacy that says you took care of business and cared enough about your family to make sure they were protected?
This is not something to be taken lightly. The entire future of your family depends on you making the right decision when it comes to life insurance.