These questions can help you figure out how much Farmington, CT life insurance you should buy.
You already know that you should purchase a life insurance policy to protect your family beyond your lifetime, but do you know how much coverage you should buy? Figuring out the right dollar amount to represent all of the different intangibles—like comfort, hope, and security—that you want to give your family can be difficult.
If you’re wondering how much your Farmington, CT life insurance policy should be worth, answer these questions.
- How much do I earn? First and foremost, you need to think about income replacement. Your family will have to figure out how to live without you; they shouldn’t have to struggle to live without your paycheck at the same time. Multiply your annual income with how many years you plan to work before you retire to figure out the amount of income replacement you should purchase.
- What is my family like? The more people you want your policy to protect, the greater your death benefit should be. Make sure you’re carrying enough coverage to offer enough protection for all of your beneficiaries (e.g. your spouse, kids, grandchildren).
- What are my goals? You may want your life insurance policy to do more than just replace your income and cover your funeral, and the good news is that it can! With the right benefit, you can help your family pay off your mortgage, fund your kids’ college educations, or save for retirement.
This guide can help you start to get clarity on how much life insurance policy you should buy, but contact North American Underwriters to talk with an insurance expert who can look at your unique situation and advise you. Serving Bristol, Connecticut. Farmington, Plainville, and all of Connecticut, we’re dedicated to and experienced in helping families best protect themselves. Don’t renew until you call NAU!