Life insurance is something that just about everyone needs but very few understand. It is not easy to talk about and you may feel awkward even speaking to your spouse about the amount of life insurance that you need to protect each other. At San Marcos Insurance Group we want to make talking about life insurance in Chandler, AZ easy and comfortable for all of our customers.
So where do you begin determining how much life insurance is enough? You answer some simple questions.
Who is dependent on you? Do you have a spouse, children, aging parents?
How long will you need to support them? Are your children young, college-age or somewhere in between? How long would you need to support your spouse?
Do you have debt? Most people have a mortgage, car payments, student loans, credit card debt and more.
Have you taken care of your final expenses?
Once you have answered these questions you will be in a better position to determine how much life insurance is enough. Financial experts recommend that you have at least ten times your annual income in life insurance. You may not need to buy this entire amount on your own. You may get life insurance as a benefit from your employer.
Once you have come up with a figure that makes sense in your particular case you need to determine the type of life insurance that you can afford. Whole life is the most costly but it offers long term advantages. With a young family and the potential for a long time of dependency if you should die unexpectedly and at a younger age, term life is probably the best option.
How much life insurance you need is a very personal figure. It is different for everyone and it will change during your lifetime. Talking with the agents at San Marcos Insurance Group in Chandler, AZ is a great way to come up with not only an amount but the best way to reach your goal. Why not give us a call or stop by, your dependents will be glad you did.