No two people will have the same requirements when it comes to how much life insurance is enough. Several different factors contribute to the amount that is needed, and they all need to be taken into consideration. At Highpoint Insurance Group in Dadeville, AL, our independent insurance agents know they work for you, and determining your life insurance needs is their primary concern.
How much money do you make?
Your income needs to be a consideration when determining how much life insurance is enough. A person who earns $30.000 will not need to replace nearly as much as a person who earns $200,000. It is one of the figures that goes into the equation to determine what it will take to make your dependents feel secure when you cannot provide your income.
How many people depend on you?
It takes more money to support five people than it takes to support one person. It may not be five times the amount of one person, but it definitely is more.
How many years do you need to provide for?
If you have young children, it could be many years you need to provide support for if you want to include college tuition as part of what you provide, which adds at least four years. A partner, depending on whether they are working full time or are a stay-at-home spouse, will need to be considered.
Once you have all this information, you can better determine exactly how much money you need to provide with your life insurance policy.
Contact our office at Highpoint Insurance Group in Dadeville, AL to discuss your life insurance needs. We can be reached on the phone, online, or in person.
