Get Directions
One of the most common questions that get asked about life insurance is how much is enough. It would be great if there was a single answer, but unfortunately, there isn’t. Life insurance is a very personal thing and it is different for everyone. By talking to your independent insurance agent, you can get suggestions for ways to make sure you have the right coverage. In Silver Spring, MD, Renee Oliver Insurance Agency Inc. can give you the assistance you need.
You need enough life insurance to make sure the ones you leave behind will be taken care of. That amount will not be the same when you are 25 years old as it will be when you are 45 years old. At 25, chances are you won’t be responsible for anyone other than yourself. You will only need a minimal amount of life insurance.
Once you have people who depend on you, you need to have a different level of life insurance. Especially if you have children, you may have to provide for them for 20 years. How much money that will require depends on what your spouse or partner provides and what you will need to provide. You need to take a good look at what the future looks like without you there.
Do you have a mortgage? Do you want your kid’s college paid for? Is your spouse a stay-at-home or working person? Social Security will provide for the children until they are 18 with monthly payments, but would that be enough to keep them in their current home? Sit down and play with the figures. At least 7-10 years of your income is what experts suggest. Only you can decide if it is enough or if you need more or less.
Contact Renee Oliver Insurance Agency Inc. in Silver Spring, MD to talk about your life insurance needs.