Calculating your life insurance needs

As your life changes, you should review your life insurance to make sure your coverage is still appropriate for your needs.

Some insurance people just use a multiple of five to ten times your salary to determine your insurance needs. This can be a good place to start, but it doesn’t take into account your specific financial situation and resources.

When we counsel clients to help determine their life insurance needs, we like to look at the total financial situation.  Some of the factors we consider include:

  • Outstanding debt (mortgage, credit cards, etc)
  • Funding for college
  • Income to be replaced, and for how long
  • Final expenses
  • Other resources (savings, other income sources, and other insurance)

I would be happy to assist you with determining your needs, regardless of whether you buy your life insurance from us.  Just give me a call or drop me an email.

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Drop by or get in touch with me for more information on life insurance solutions for you and your family.

The information in this post is general in nature, and geared toward insurance conditions in Western New York.  As always, you should speak with an insurance adviser to determine your specific insurance needs.

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