Life insurance: Do you have it? And do you have enough?

When you think about life insurance, you might think: I don’t need it. Or if you have it, you might think, do I have enough?

Life insurance is one of those things that can be unpleasant to think about, but it is something that needs to be considered and planned because the fact is, sometimes the worst can happen.

So, if you are considering insurance – or if you are wondering if you have enough – here are some things to consider.

Do I need life insurance?

If you are a single, young person, you might wonder if it is something you need to have. The answer is yes, and here is why: It’s always better to have a policy in place when you are young. Someone will have to pay for and plan your funeral, should something happen and also, it can be more challenging to get a policy as you age.

If you are middle aged and have dependents, you absolutely need to carry life insurance – and enough of it to last for years to come.

How much life insurance do I need?

As you age, your life insurance needs change. You buy a house. You have children. Maybe your spouse is injured or disabled.

If you are relatively young and have young children – or of your children or spouse is disabled — you will need more insurance than someone who is retired with grown children.

Generally, as we get older, we earn more money, so you might need to increase your policy so if something happens to you, your spouse won’t have to massively downsize or worry about how to maintain his or her lifestyle.

A good rule to consider is that you have about 10 times your annual salary in life insurance coverage.

And make sure both spouses are covered, even if one works part time or stays home. Children will still need costly afterschool care or daycare.

Those of us with more debt (car payments, student loan payments, a big mortgage) also need more insurance.

And don’t forget about college, or funeral expenses. A funeral can cost up to $10,000.

Crumrine Financial Services

At Crumrine Financial Services, we how important your family is and we can help make sure they are protected with adequate life insurance. Request a quote today!!