Life insurance is something most people don’t spend a lot of time thinking about. It is more of a necessary evil. It is not discussed around the dinner table, and no one takes a college class to learn how much life insurance is enough. Since an insurance agent’s job is to sell life insurance, you may have doubts about the advice you will get. Having an insurance agent who knows you and who you trust is the only way to feel comfortable with this critical decision. Knippenberg Insurance Inc. in Cumberland, MD is just such an agency.
When you are considering how much life insurance is enough, there are some questions that you need to ask yourself.
- How old am I?
- Who counts on me for their support?
- How much do I owe?
- How many years of support do I need to supply?
- Have I put aside money for my final expenses?
Your age is not the primary determining factor when choosing life insurance, but insurance is at its most affordable when you are young and healthy. It will never be a better time to take a good look at your insurance needs than now. If you are young and single, you may not have anyone dependent on you, or you may want to help provide for aging parents.
If you are married and have a family, you have lots of people who depend on you and your income to maintain their current lifestyle. If your children are young, this can be for many years. You may also want to provide for a college education for your children. Experts recommend that you have between seven and ten years of your income in life insurance.
How much life insurance is enough is not one size fits all. You have to weight need against affordability. At Knippenberg Insurance Inc. in Cumberland, MD, we would be happy to sit down with you and set up a financial plan that includes life insurance. Give our office a call to set up an appointment to discuss your life insurance needs.