Life insurance is not something you often think about and most people only consider for their final expense needs (which range btwn $12k-$15k for 2016) but you need to think beyond that. Higher education for your children/dependents, way of living for the beneficiaries, elimination of debt, and estate tax offset.
How much do you need?
There are two rules of thumb for life insurance:
1. Ten times your annual salary
2. How much would you owe if something were to happen tomorrow?
You need to consider your family’s needs. Without life insurance, if there is any debt left over from the estate, it passes onto the heirs. There have been several well known celebrities who have passed away and left their families with the burden of debt. Do you want that to happen?
There is also the business side of life insurance. If you have a partner in your business and something happens to them, the easiest way to buy out the other person(s) is with life insurance. Sometimes it is referred to as a buy-sell life insurance or key person insurance.
It can also be a benefit to your company. Group Life is something that is inexpensive and often fairly easy to get a reasonable amount of coverage.
Life insurance is not about passing away. It is about taking care of your family after you have passed on.
If you would like some information please complete the simple form below and we can get some quotes put together for you fairly quickly.