Trying to figure out exactly how much life insurance can be a tricky matter. Fortunately, there are ways that you can determine a great ballpark figure without stressing too much. It is a task of simply answering some questions about your life and what you will need if you were to pass. Answer these easy questions to get you on the right path.
- Do you have any debt? If you currently have debt that will need to be paid after you pass, you do not want that debt to fall on another family member. Instead, you will want to make sure you can pay for the debt. One way of doing that is by making sure you have enough in your life insurance policy to cover the remaining balances. The last thing you want to do is leave a family member with a bill they have to pay for you so make sure you calculate all of your debt for your life insurance amount.
- Have you set aside money for the funeral? Funerals can be very costly, and if you have not yet planned for the funeral to be paid another way, you may want to set aside some of your life insurance funds for it. This is another thing you do not want to financially leave to family members.
- Are you financially responsible for anyone? If you have a child, spouse, or parent that you financially care for, you likely will want to make sure they are taken care of after you are gone. Make sure you get enough to cover their expenses for as long as they need it.
If you are interested in getting a quote or still have some questions about life insurance, feel free to contact us at Calhoun Risk Management of Minneapolis, MN today.