Life insurance is a scary thing to think about and some people do not even know how much they should get. It is one of the most common questions pertaining to life insurance and there is not a one size fits all answer. The truth is, your life insurance policy is as unique as you are and you should take some time determining the right amount. To help you with that process, simply answer these three questions. At the end, you will have a much better idea of how much life insurance you actually need.
- How much debt do you owe? If you have debt, whether it is a mortgage note, credit card debt, or even a car note, that debt does not just go away when you pass. It goes to another person in your family. If you do not want someone else to have to pay your debt for you and take on that burden, then you need to make sure you have enough in your life insurance policy to cover it.
- Do you financially care for someone? If you are financially responsible for someone, what happens after you pass? You need to make sure you have enough in your life insurance policy to financially care for them until they can get back on their feet and provide for themselves.
- Have you set aside money for the funeral? Your funeral can become very expensive very quickly and these prices are rising. This is another thing you likely do not want to burden your family with so make sure you have enough set aside to cover the costs associated with the funeral.
For more information about life insurance or to get a quote, contact us at Mid Atlantic Insurance Financial in Laurel, MD today.