Do you need a life insurance checkup?
Half of all American’s have a life insurance gap. This means that they either don’t have life insurance coverage, or what they have isn’t enough to provide for their families in the event of their untimely death. In fact, 1 in 4 U.S. households would begin to feel the negative effects of the primary earner’s death in just one month. The only way to know whether your current policy covers your needs is to perform a life insurance checkup.
If you already have coverage, think about how your life situation has changed.
Have you gotten married or divorced?
Will your spouse’s income cover the costs of your funeral as well as living expenses, or will they need to rely on your policy to provide for them during that time?
Is your policy enough to cover any debt you are carrying, or will your family be burdened by collections and outstanding accounts?
Has your income changed?
To determine how much life insurance coverage you need, start by calculating the following:
How much income your family will need each month to replace yours.
Make sure you add any childcare or dependent care amounts (Ex: daycare, school tuition, routine care, college expenses, etc.)
Factor in Funeral Expenses
Current savings or other investments that your family can liquidate if needed
If you have employer-sponsored coverage only, it is a good idea to add another policy. With an employer-sponsored policy you are more vulnerable to changes in the market and employment. If you were to suddenly get laid off or your employer were to go out of business, that life insurance policy disappears with them. Having a policy in your name only, and not your employers, offers you and your family an added layer of security.
The time for a life insurance checkup is now, and we are here to help. We will perform an audit on your current policy, even if you did not purchase it through our agency.
Buying a life insurance policy is a long-term commitment, and you need a policy that will benefit you and your family for years to come.