Life insurance protects the people who are left behind when someone passes away. It can mean the difference between life going on as normally as possible and not being able to stay in your home. How much money will be needed to do that is not one size fits all. But, there are some questions you can answer which can help you decide how much life insurance will be enough for your family or other beneficiaries to maintain their lifestyle. At Coosa Valley Financial Group Rome, GA we are independent agents who are able to offer you lots of choices when it comes to choosing life insurance.
In order to know how much life insurance is enough, you need to consider who depends on your income to survive. If you have a spouse and children you will need more than if you have no dependents. Experts suggest having between seven and ten times your annual income in life insurance. If your spouse or partner does not work and your children are young, this may not be enough. When considering what will be enough you need to consider any debts that you may have and this includes a mortgage.
How much life insurance is enough depends on what you expect your life insurance to do. Will it just pay for your last expenses? This is a different amount than if you need to provide 15 years of financial security for your dependents. Do you want to leave a legacy to your children or grandchildren? Every life insurance need is different and it is likely your life insurance needs will change several times over your lifetime.
How much life insurance is enough is what Coosa Valley Financial Group Rome, GA is here to help you determine. GIve us a call for an appointment to sit down and discuss this important coverage.