It is important that the life insurance benefits that you purchase will be adequate to fulfill your financial obligations once you are gone. This means that the ideal starting point for determining the amount of coverage that you need is examining your current financial situation. JC Insurance Group can help you decide on the right amount of coverage when you purchase life insurance in Springfield OR.
Covering Your Basic Needs
Your existing assets are anything that your family will be able to use to pay the bills when you pass away. Existing assets that your family could use may include:
- Savings, such as an IRA or 401K
- Any existing life insurance policies
- College savings
- Burial insurance, including funeral expenses
In order to calculate your basic needs, you subtract the amount of any existing assets from your financial obligations. The remaining amount will be the amount of life insurance in Springfield OR that you may need. Financial obligations that may need to be covered include:
- Replacement for your income
- Mortgage payments
- Large debts
- College tuition
Consequences of Insufficient Coverage
If you do not purchase the right amount of life insurance in Springfield OR to meet the financial needs of the family that you leave behind, they could be headed down a hard financial road.
At JC Insurance Group, we will look at your current assets and expenses to determine the amount of life insurance in Springfield OR you need to purchase. Give us a call today.
