As you get older and more established in your life and career, you take on new, exciting, and expensive responsibilities. Getting married, buying a house, a new car, or having a baby will certainly qualify as life-changing. Protecting your assets and providing for your family in the event of your untimely death can be confusing. We’re here to help you.
You determine how much coverage you need, what type policy is best for you, and make sure it is customized to fit your budget.
We use a Life Needs Analysis to determine your financial needs and goals. This approach looks at solutions to problems. Here are some areas you might consider as you discover your needs and obligations:
- Loans – This includes your mortgage, credit cards, auto loans, student loans and other debt.
- Income Replacement – Look at you and your spouse’s annual income. Consider 10 times your salaries to provide for your spouse and children so they can stay in the home and continue the lifestyle you’ve shared and don’t have to depend on family, friends or government assistance.
- Final Expenses – This includes burial costs and final medical expenses. The medical expenses can be substantial depending on hospital stays for a long illness or other circumstances. Funeral costs can range between $7-$15 thousand dollars, depending on what kind of memorial service you want.
- Education & Emergency Fund – This includes setting up a college fund for the children, emergency funds to include expenses for family and friends at the time of the funeral and other costs, such as probate and taxes.
Whatever you decide to do, make sure you have a written plan in place such as a will or a trust to avoid confusion. We can help you with that as well. The best time to plan is before a tragedy happens, and while you are young and healthy enough to qualify for coverage. Remember, life insurance really isn’t for you, it’s for the people you leave behind. I want to make sure I’m there to help your family through it. Call me. 262-641-0644