Life insurance coverage, do I need life insurance coverage
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Analyzing Your Need for Life Insurance Coverage

  • November 15, 2018

Do I Need Life Insurance? 

For most people, knowing that they need life insurance is clear. For others, the answer isn’t as clear. If you have family and assets to protect and debt that will exist after you pass, it’s clear that you will benefit from life insurance in Thousand Oaks, CA. Before you determine if you need coverage and how much to purchase if so, consider your life insurance needs.

  • Total your living costs

Knowing your annual expenses will help you determine how much coverage you should aim to buy. The cost of living is fairly high in California, so be mindful that you may need a larger-than-average-sized policy. Keep in mind your spending habits, too. For families that rely on two incomes, it’s better to err on the side of a larger policy amount. If you can live well of your own income, you may want to choose a lower amount.

  • Consider children and dependents

Children and family members who you help care for are considered dependents. If you plan to have children in the future, be mindful to consider the cost of raising a child and increase your life insurance. If you were to pass away and leave your child at home, it leaves the living parent with extra expenses. Life insurance money can cover child-related expenses.

  • Help your spouse

Many couples rely on both incomes to pay the bills. If one spouse dies, then that extra income would come from the life insurance money. Even if one spouse is a stay-at-home-parent, he or she still needs coverage. You cannot devalue their time and efforts in childcaring, housekeeping, cleaning, transportation services, and more. Life insurance can help to ensure that the surviving spouse has enough money to pay the bills and meet future goals as planned, such as retiring on time.

Falsken & Associates Insurance Agency can help you figure out how much life insurance you need and which insurance type to buy. We serve Thousand Oaks, Westlake Village, and surrounding cities in California – Give us a call to get started.