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How Much Life Insurance? What Kind?

May 21, 2019

family needs life insuranceThe two questions that most often come to mind when people think about life insurance are: how much and what kind? There was a time when many questioned the basic need for life insurance. But these days, the premiums are reasonable so price isn’t the barrier it once was.

So who comes to us for life insurance? Married couples whose lifestyle depends on each other’s salaries. Families with children who rely on the income earners. Businesses with buy/sell agreements and/or key persons who would be missed if they died suddenly.

How Much Life Insurance for Me?

So what happens if you died today? Your family would have burial and other final expenses. Most importantly, your income would be lost. Yet for those who remain, expenses continue. There’s the mortgage, heating bills, and property taxes that don’t go away. Think of the shock that would be to your family if your paycheck was gone.

This isn’t even considering future expenses. College for the kids, retirement benefits for your surviving spouse, or major upkeep on the house. Thing is, the best way to figure out how much is to add all of this up.

But Isn’t Life Insurance a Bit Depressing? What Happens if I Die?

You don’t want to think about it. On the other hand, it may be more palatable to approach all of this by thinking how important you actually are financially to your loved ones. Then that train of thought leads you to the realization that you are important to your spouse and your kids in so many other ways.

The least you can do while enjoying your family to the fullest is to take care of them financially if you’re not there. So add up all of your continuing expenses. Expenses that will come in the future. How much is needed for your family to continue the lifestyle you’ve helped build for them.

Then figure in the money your spouse brings in. Expenses that will disappear because you aren’t there. With all of this, you’ll get the big picture. Then it’s time to talk to us about the best life insurance policy to get the death benefit you need.

How Much Life Insurance for My Business?

The key for a buy/sell agreement is the value of the business. You would get help with this from your CPA, industry experts, and your attorneys. The problem after valuation is, what happens after an unexpected death of one of the principals?

With life insurance, his or her death triggers a benefit equal to their share of the business. The agreement is made so that the death benefit is used to buy out the heirs of the deceased per the agreement.

Life Insurance Claims Handled Fast

And don’t forget, the life insurance death benefit is paid quickly. Just file a claim and submit a death certificate. The full amount of your claim will be sent to you within days. That is a huge relief to anyone who suffers the death of a loved one or business associate. It means they can continue on with their lives without the worry that comes from financial uncertainty.

We hear so often people in the community tell us after the death of a loved one, “Thank God for the life insurance!” There are different kinds of life insurance and everyone’s situation is unique. We’re sure you have questions, so call us about getting your life covered. Let’s get your family gets taken care of whether you are here or not.

Your SZW Team

SZW Insurance is your Utica area Trusted Choice™ independent insurance agent. Call us for a quote on insurance for your home, car, business, or life at 315.792.0000. Or request a quote here.