Many people have questions about life insurance. One of the most common questions is how much life insurance is enough. This is an individual decision and one that has several figures that need to be factored in. At Spring Grove Insurance in Spring Grove, IL we are here to help our clients to make the best decisions about their life insurance coverage. As independent insurance agents, we can offer more options and better prices than insurance agents who work with only one company.
How much is your income?
Your income is what you are going to be replacing, so it is a vital part of the figures that go into computing the amount of life insurance is enough. You will need more life insurance if your income is higher than if it is lower. Experts estimate you should have 10–15 years of income as your life insurance total.
Who depends on your income?
Before you know how much life insurance is enough, you need to figure out who depends on your income. Do you have a spouse or partner? Are you helping your elderly parents? Do you have dependent children or grandchildren?
For how many years will you need to support your dependents?
If you have small children, you will need to supply support for a longer time period than if you have elderly parents who count on you. Your spouse or partner likely has a job so you can supply some of the support.
How much life insurance is enough?
Once you have all the figures, you can come up with an amount that is the basic amount that you need. Once you know how much you need, you can see how much you can actually afford to have.
We Are Here To Help
Contact us at Spring Grove Insurance in Spring Grove. IL to discuss your life insurance needs.