What do you want to leave behind for your family? That is the question that many people ask themselves when they are deciding how much life insurance to purchase. If the answer is "a lot," you should focus on buying enough life insurance coverage.
If you’re wondering how much life insurance you need, Kempton Insurance Group in Charlotte, NC has put together this guide for you. To figure out how much life insurance you need, take into consideration these factors:
Income: Income is the number one factor to determine how much life insurance you need. If your income does not change, you will likely be fine with a smaller coverage because there are fewer needs for it in that situation (i.e., funeral costs). However, if your income changes often or drastically from year to year, more protection may be needed when determining life insurance amounts.
Debt: If you have a lot of debt, there may be more need for life insurance to pay off the debts and provide money for your family in case something happens to you before they can get back on their own feet financially.
Dependents: If you have children, the more dependent they are on your income, then higher life insurance would be appropriate.
Your situation: If you’re single with no kids, a lower level of coverage may suffice depending on how much wealth and assets you own.
Health: Your health status will determine how much life insurance you need. If you have a chronic condition that could affect your ability to work, then you would want more coverage than if you were in perfect health with no special needs.
Get Adequate Life Insurance Today
Many families spend time trying to save money on their funeral and end up putting off purchasing life insurance until it’s too late. This is a huge mistake because, without adequate coverage, your family may not have enough money for expenses like housing or education after you pass away.
For more information about life insurance coverage in Charlotte, NC, contact Kempton Insurance Group.