Everyone knows they should have life insurance, but having said that, not everyone does have it. There are many reasons for that, but one is that people don’t know how much life insurance is enough. When in doubt, some people opt out. This is not a good choice. Having an independent insurance agent you know and trust can show you how much easier it can be to acquire insurance. At Green Family Insurance Inc. in Illinois, we make it our business to get to know our customers to help them make the right decision about life insurance.
To determine how much life insurance is enough, you have to know what your needs are and will be. How much life insurance you might need in the next five years is not necessarily how much you need over the next 20 years.
Who counts on your income? If you are the only one you need to take care of at this time in your life, you don’t need a lot of life insurance, if any. You need to make sure any debt you may have, and your final expenses are provided for.
It would help to consider how many years of income you will need to replace. What is the age of the person who counts on your income? If you have young children, it could be a very long time.
Another critical factor is what your income is. If you earn $30,000 a year, you are replacing a lot less than if you earn $200,000. You need to multiply the number of years by your yearly income. This is the amount of life insurance you need.
Contact Green Family Insurance Inc. in Illinois with your life insurance questions and needs.
