Life insurance: how much coverage do you need?

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

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 meet with clients to help discuss 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
  • Costs to replace the services of a parent at home (like day care, cleaning, etc.)
  • 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.

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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