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Life Insurance – How Much and When?

Life Insurance – How Much and When?

How much life insurance do I need?

 A lot of people are not sure how much life insurance they need. This is something we recommend you review with your insurance agent in order to get the best evaluation possible.  Here are some points to consider when determining how much life insurance you need:

  1.  How much debt you have at the moment (credit cards, loans and other debts).
  2. What is your annual income (experts say you need income replacement for 10 years).
  3. What is your current mortgage balance
  4. How does your family pay your final expenses after your death?
  5. What does it cost to get your children through college?

 By discussing this together with your insurance agent he/she can calculate your need and find you the coverage that fits to you and your family’s needs. By doing this you avoid the situation being under-insured or paying too much for the coverage.

When should I get life insurance?

Unfortunately for most, by the time they start thinking about getting life insurance, they are already older which could increase the costs of the premiums. That is why The Laak Group advises that it is always wise to buy early. Because the premiums you pay now when you are young will forever be based on the information you supply at the current point in time. They will not rise with your age or changes in your health.

If you have a need for life insurance now — to protect your family or cover for a mortgage for example, take out a term life insurance policy today.

If you don’t have life insurance, or if you are under-insured, review the situation and talk to a professional financial adviser or get some more information from an insurance agent.

In the meantime, keep up the healthy lifestyle, because it’s good for you — and your insurance cover could depend on it.

Want more information regarding life insurance? Contact The Laak Group today!

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