Finding the Right Life Insurance Coverage for Your Wallet
Tips from your local insurer on how to secure the right life insurance coverage for your needs.
Even though we all wish it were the case, it’s simply not possible to pinpoint the ideal amount of life insurance you should have down to the cent. However, you can make a sound estimate if you consider your current financial situation and imagine what your loved ones will need in the coming years. Creating a financial snapshot allows you to determine how much life insurance coverage you need that accurately fits your budget!
Think about the future.
Look at your current situation and, as unpleasant as it sounds, think about how your loved ones would be affected if you were to pass suddenly. Does your family rely on your income? Do you have young children? Does your spouse plan to retire soon? Depending on your family’s needs, you will need to ensure that you have plenty of coverage to make up for lost income. If you are a stay-at-home parent, don’t undervalue yourself! Your spouse would have to hire a company or individual to attend to all the daily duties, costing them another expense.
Talk to your spouse.
Both of you should have life insurance, even if one of you earns more than the other. Talk over decisions with your partner so that you can both make realistic choices. What’s more, keeping your other half in the loop will ensure that he or she knows what to expect if you do suddenly pass.
Add policy riders to your coverage.
When you select a policy, ask your insurer about the types of policy riders that may be available to you. Riders (commonly known as endorsements, too) are ways in which you can customize your policy to meet your needs and budget.
For Ron Franco, finding the right insurance for his wallet was critical for the safekeeping of his family. Ron and his wife, Kelli, built a business and raised two sons together. When the business hit a dry spell, Ron told Kelli to cancel the life insurance. Kelli managed to tap into the accumulated cash value of their permanent policies to pay off bills, including their life insurance premiums to get them through this rough patch.
Kelli’s decision proved momentous. Just a few months later, she suddenly died of heart failure. Ron’s grief was compounded by the thought of losing their home and the life they have built with their boys. Luckily, life insurance made it possible to keep their assets and stay in their own home. Without it, Ron would be in a very different situation.
Take the time to secure or review your life insurance with a trusty advisor. Falsken & Associates Insurance Agency serves Thousand Oaks and surrounding areas in California with cost-effective life insurance coverage. Contact us to get started.