One of the most common questions about life insurance is "How much life insurance do I really need?" This question is so common that there isn’t one answer for everyone, and it is a complex issue that needs to be answered on an individual basis. At Singh Insurance and Financial Services LLC in Clermont, FL, we listen carefully to every customer to understand their needs and concerns. As an independent agency, we offer choices that make finding the right insurance easier.
To figure out how much life insurance you really need, you have to answer some simple questions.
- Who depends on your income?
- What is your yearly income?
- How much debt do you have?
- Do you have enough savings to pay off your debts and your final expenses?
- For how long do you need to provide for any dependent?
- Is there any other reason you may want to have life insurance?
Dependents can be significant others, elderly parents, children, and other dependent relatives. If you are not there to provide your income, will they be able to support themselves? If the answer is no, then your life insurance is what will fill in the gap. How long this needs to last depends on things only you know. Beyond these basic needs, you may want to provide a legacy for your survivors or make sure your children can afford to go to college. All these affect the amount of life insurance you really need. Discuss all these issues with your insurance agent to come up with a figure.
When you are ready to review your life insurance at Singh Insurance and Financial Services LLC in Clermont, FL, we are here to help you find the insurance you need and want at prices you can afford. Call our office or stop by for a free quote.