When should you think about life insurance?

If someone is depending on your income, then you need life insurance.  So if you have a spouse and/or children, you should look into it.

In most cases, we recommend the simple solution: low-cost term life insurance.  By using term life, you can purchase needed coverage at very affordable rates.  We recommend this type of coverage in most cases where family protection is the primary concern.

How much coverage do you need?  Financial experts often suggest 5 to 10 times your annual earnings.  The amount of coverage you need depends on a number of factors specific to your family:  number of dependents, other assets, mortgage and other debts, benefits through work, etc.  We can help you determine the appropriate amount of coverage for you and your family.

The good news is that the cost of coverage is very affordable.  A 25 year old would probably pay less than $150 per year for $250,000 coverage. And that’s for a rate guaranteed for ten years!

For single people with no dependents, life insurance might not be as big a financial priority as getting a start on retirement savings. There is one reason to consider life insurance: if you have a family history of health problems and want to guarantee future insurability.

Next steps:

We offer insurance products through Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001, and other companies.

Albion Agencies, Inc. is a licensed insurance agent/broker only in the State of New York.

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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