One of the most common questions insurance agencies receive is "How much Life Insurance do I need?"
This is not a question that is readily apparent to any agent as the needs of each client varies upon their lifestyle, medical history, and family situation.
Questions you may need to ask include:
- Does my spouse work? How much do I or my spouse contribute to our families income?
- If I were to pass, how many years would my spouse need to supplement my income?
- How many children do I have? Will they need funding for college?
- What are my outstanding debts, including but not limited to, my mortgage, student loans, and credit card debt?
Major life changes such as marriage or a child also necessitate a life insurance needs assessment.
Many agents enjoy the mantra, "there is not such thing as too much insurance." However, this is simply untrue. It is just as possible to be over-insured as it is to be under-insured.
Please use the tool below as a self-assessment to help you figure out your personal need for Life Insurance.