How Much Life Insurance Do I Need?
Whether you have a new baby, a couple of teenagers, a dependant spouse or aging parent, or perhaps you are a single parent, Life Insurance is one of the most important purchases you should make.
Although it’s an unpleasant thought, have you considered what would happen to your family if you became critically ill or died? How would they manage financially?
Your life insurance needs will depend on a number of factors, including the size of your family, the nature of your financial obligations, your career stage, and your goals.
Here are some questions that can help you start thinking about the amount of life insurance you need:
What immediate financial expenses would your family face upon your death? Think about credit card payments, funeral costs, mortgages, school fees etc
Who will cover the cost of education for your children, and how will this be paid? Considering increases in fees is also important.
How long would your dependents need support if you were to die tomorrow?
How much money would you want to leave for special situations upon your death, such as funding your children’s education, weddings, college funds, gifts to charities, or an inheritance for your children?
What other assets or insurance policies do you have?
How much money would your family need to maintain their current standards of living without having to sell or cash in assets?
Life Insurance is designed to protect your loved ones from the short and long term financial impact of your death or critical illness. Provide them with the gift of protection even when you’re gone, sign up for Life Insurance today.
