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Protect the ones you love by planning ahead

Life insurance is one of those things that almost everyone needs, but almost nobody thinks about. For many people, their first experience with life insurance is either when someone they know gets an insurance license or when they or someone they know goes through an unfortunate death in the family. In either situation, it can be difficult to really absorb the importance of carrying enough life insurance in that moment.
Life insurance can be an inexpensive way to protect your loved ones in the worst case scenario. Nobody likes to think about it, however you want to make sure that the ones you care about the most will be taken care of if something unexpected were to happen to you or another household provider. If you or the person/people who pay the bills were to unexpectedly pass away, would your family be able to afford:
 
  • Mortgage payments or other debts
  • Child care and education expenses
  • Everyday expenses like groceries and gasoline
  • Funeral expenses and estate taxes
 
If there is any concern someone you care about would struggle to pay the bills without you or another provider, life insurance may be an affordable option to ease your mind. All you have to figure out is how much life insurance is right for you.
 
There are a multitude of different factors that go into how much life insurance coverage you want to take. First and foremost you have to look at any outstanding debt. You will want the policy amount to cover the balance due on your mortgage, any loans taken out for vehicles or other equipment, student debt and anything else you may owe. In addition to debt, you will want to consider income replacement. Technically, life insurance is also there to replace any income that someone was not able to earn because of an unfortunate passing, so you will want to consider how long your family would struggle to maintain their current standard of living without the provider in the household and how much total income would be lost over that time period. You will also want to consider any future expenses like education costs for children and how much money will be needed in order to retire someday when calculating your total policy amount.
 
There are many factors that go into figuring out exactly how much life insurance you need and where you are going to get the best product for you, but the large majority of people need to have some sort of life insurance in place. If you would like help figuring out exactly what you need, call Agri-Services Agency at 877-466-9089 and discuss your options with one of our licensed professionals today!