Why Do I Need Life Insurance?
Life insurance is intended to help your loved ones if tragedy strikes. Most often, it is bought so that people know that their spouse and children will be taken care of in the event of the insured’s death. Those who care for sick, disabled, or elderly family members often also purchase life insurance so that the family member will still receive the care they need.
How Much Life Insurance Do I Need?
The amount of life insurance you should get really depends on your personal life. You may want to discuss it with a financial advisor, but some things to factor in are:
- How much would a funeral cost my loved ones?
- Do I have any debts that would be unpaid if I passed? If so, what is the total?
- Is there a mortgage or college fund I need to worry about?
- How much would my family need to continue living our current lifestyle?
- Do I pay for the care of any family members? If so, how much would they need to continue receiving that care?
The answers to these questions can help Shelton, CT residents determine how much coverage they should consider.
Basic Types of Life Insurance
It is also important to have a basic understanding of the types of life insurance available. The two basic types are permanent and term life insurance. Permanent covers you for your whole life as long as you pay your premiums while term life insurance only covers your death during a set time period.
Term life insurance is something people consider when they only want coverage until they pay off a mortgage or perhaps until their children are grown. People who purchase permanent life insurance do so with the thought of leaving something behind for loved ones.
If you are considering life insurance, you want an agency at your side that will take the time to learn about you so they can help you choose the right coverage. If you live in Shelton, CT, Goodman Insurance Inc. can be the agency you need. For questions or a no-obligation quote, call or stop by Goodman Insurance Inc. today!