Life insurance is something that you do for others, not for yourself. It protects your loved ones if you aren’t there to support them. It isn’t a one size fits all kind of insurance, each case is individual. Beyond that, it doesn’t stay the same but rather changes as your responsibilities change. It grows at some points and shrinks at others. At Genesis Insurance in Phoenix, AZ, we are independent agents which means we work for you, not one insurance carrier. We can offer you more choices when it comes to life insurance needs.
Determining how much life insurance is enough requires considering several different scenarios. You need to consider who is dependent on you. Do you have a spouse or partner? Do you have children? The age of your children is a consideration. If you have young children and you passed away while they were still young, you would need to provide for them for quite a few years. How much support will you be providing? All their support, half of their support? All of these figure into the final amount of life insurance that is enough.
Do you have debt? Do you have a mortgage? How many years of mortgage payments would you need to provide or do you want to pay off the entire amount? Do you have a car payment? Credit card balances? Do you want to pay for your children’s college education? Experts recommend that you have seven to ten years of your income in life insurance.
That is all well and good if you are married with dependents. What if your children are all grown and you are alone with your spouse or partner? You probably don’t need anywhere near that amount of life insurance.
Having an insurance agent that you trust is what you need to help you determine how much life insurance is enough at every point in your life. Call Genesis Insurance in Phoenix, AZ for a free quote and to make an appointment to it down and look at the amount of coverage that you have.