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Helpful hints and tips to save money on insurance.

How much life insurance is enough for my family?

Every person has different coverage needs. Overall, you want enough to create a legacy for your family.

The most common way people calculate the amount of insurance is to buy what they can afford!

Some insurance companies recommend 6-10 times the amount of your annual salary.

Another way to calculate the amount of life insurance you need is to multiply your annual salary by the number of years left until retirement.

At 30 years of age, Sam makes $30,000 a year. Using the above calculation, he would need ~$1.10 million (37 years x 30,000) of life insurance coverage.

Whatever way you choose to calculate, the fact still remains that you need some life insurance and health insurance just as your car needs fuel.

Have no dependents? Do you have enough assets to cover your debts and the cost of lost income when seriously ill?

Many life insurance policies allow you to borrow against the face amount if you get seriously ill or can’t work to pay your bills.

Did you know there are companies that will buy a portion or all of the face value of your life insurance policy if you need cash for a terminal illness or to pay off your debt or even retirement income?

With the majority of Americans having debt, all of us need some life insurance coverage — even if it is enough to bury you and pay for the party your friends will have to celebrate your life (or not) when you die!

 

We’re All in Debt!

 

The Federal Reserve says the average American household carries $137,063 in debt.

What would it take to pay all of your debts off in full when you die, including auto loans, home mortgages, credit cards, loans or other commitments?

Shelly owes $326,000 on her home, $7,500 on her car and has $28,000 in credit card debt. She’ll need at least $365,000 to cover the debt and the related interest.

Besides covering their debt, many people consider life insurance as a vehicle for saving or investing money for retirement. They opt for policies with a cash value.

Take some time to discuss your insurance coverage options by phone or schedule a webinar with a licensed insurance expert. Review the exact benefits available so you can ask questions.

Call 281.979.5441 or contact us via email to setup a day/time that’s convenient for you to discuss your current life insurance coverage!

It may be the most informative 2-3 minutes of your life.