How Much Life Insurance Should You Consider?
Dino C. Gavanes, CIC
Village Trustee at Village of Itasca, Illinois: Financial Advisor with Equitable Advisors
Why Life Insurance?
Determining how much life insurance you need is the first step in figuring out what the right policy is for you and your family. Making sure your family is taken care of, properly, when you are gone is crucial to a well-protected future. It is something you should be asking yourself and preparing for, so you don’t have regrets years from now. You may be able to purchase insurance later, but there is no guarantee that you will qualify.
It's not about you. You can feel confident that, should anything happen to you, the life insurance you have purchased is in place to protect your family and provide financial relief for those who must carry on without you. It’s about them.
Why Use A Financial Adviser?
The best way to determine the amount and type of life insurance you should be purchasing is to consult a financial adviser. A financial adviser will take your current situation and find the best options for you that will help benefit both you and your family. A financial adviser will help you to see what you really need for you and your family’s protection. For most people, it's best to think of life insurance as protection from risk rather than an investment.
What Does My Life Insurance Cover?
When trying to determine the amount of insurance to buy, consider the following possible needs
- Monthly bills & Ongoing Expenses: This will allow for your loved ones to continue living their lives comfortably.
- Childcare: Having children is expensive especially paying for daycare, after-school programs, in-home aides and more. A life insurance policy will help make sure these can be taken care of.
- School, College Tuition
- End of life/medical expenses
- Long Term Care