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- Are you looking for life insurance?
- Did someone tell you - you need life insurance?
If either question pertains to you - I have answers to some of your questions.
Things you need to know before buying life insurance!
- How much can you spend on life insurance?
- How much life insurance do you need?
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How much can you spend on life insurance?
Look at your budget. (Yes, that is the next article you need to read!) How much money do you have coming in every month and how much do you have going out in fixed expenses? (Mortgage, utilities, groceries, etc.)
What can you spend to cover your need of life insurance without taking food off the table?
How much life insurance do you need?
Add up your debt
Plus the cost of daycare and college
Plus 6 months of your month living expenses
Plus your income times 7
Minus your savings
Minus life insurance you have now
This is the amount of life insurance you need!
This would provide for your loved ones if something happened to you. As the children grow up the day care need goes away; however, the college need comes into play. If you have young children you will need to have an amount set aside to provide for daycare and college, since it would be very difficult for a single parent to set aside money for college planning.
If something happened to you today, would you want your loved ones lives to change? The adjustment of losing you would be difficult, don’t add financial hardship to their lives. |
