It doesn’t matter your age, if you have decided that you should have life insurance, the next thing that you need to do is determine how much coverage you should have. This is something that a lot of people overthink and get stuck on during the process of purchasing life insurance. If you are trying to determine how much you need, make sure you use this guide from Luebbering Insurance Agency, LLC, serving Columbia and Jefferson City, MO, to get you started.
- You should replace your salary if people depend on it. As a rule of thumb, you should have enough life insurance to cover 7 to 10 times your current salary. This will help set up your dependents for success both now and in the future.
- You should have enough to cover any debt. If you have debt, that is the last thing that you want to leave to your loved ones. You should have enough life insurance to cover those debts, so they do not have to worry about it after you are gone.
- You should have enough to pay for your funeral. A funeral is not cheap, and if you want to take some more pressure off of your loved ones, you should have enough life insurance coverage to take care of the cost.
As you can see, determining how much life insurance you need is not as difficult as most people make it out to be. However, if you still need help determining the right amount for you, be sure to reach out to us here at Luebbering Insurance Agency, LLC, serving Columbia and Jefferson City, MO, today. We will help you determine the right amount for your needs and can even get you a free quote for coverage that meets those needs and is within your budget.