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Get It Right before it late

Get It Right before it late

When it comes to Proper Protection for closed ones...

A basic rule of thumb is to have enough to provide approximately 10 times your annual family income. For example, if your current household income is $50,000, you may want to consider having $500,000 in life insurance protection.

But that simple calculation doesn’t capture other variables that can affect your life insurance needs. 

Here’s another approach:

1. Think about your family’s future and assign a dollar amount to each of these items:

  • Your long-term and/or short-term debt: _____
  • Your long-term goals (for example, projected costs for your children’s education): _____
  • The insured’s annual income times the number of years it will be needed: _____
  • The amount you want to set aside for funeral costs and/or emergency funds: _____

2. Add up the numbers above

3. Now, think about your existing assets, such as savings or real estate, and subtract them from those costs

The number you get provides a better starting point to determine your actual life insurance needs.

Your next step: Meet with an experienced financial professional for a thorough evaluation of your needs and guidance on which type of protection is appropriate for you.

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