How much life insurance is enough?

Life insurance is all about taking care of the ones you love. You need to know that if you are not there to provide your income, your family will be able to survive and thrive. You can do this by having the right amount of life insurance. At Irvington Insurance in Indianapolis, IN,  we have been putting the needs of our customers first since 2007 and as independent insurance agents, we have more options to offer. 

Determining how much life insurance is enough is a complex formula. It is very personal and your figure won’t be the same as anyone else’s. It is customized for you, your family, and your needs. 

The first consideration is who is dependent on you? If the answer is no one, the response will be much different from someone who says,  my wife and five children or my elderly parents. What you need to consider is how much money you need to continue to support the people who depend on you. 

Coming up with the amount your dependents need per year and for how many years they will need it is the next thing you need to do. Your income plays a part in determining how much life insurance you need to support your loved ones. Financial experts suggest that if you have young children, you should have between seven and 10 years of income in life insurance. This is just a suggestion and it doesn’t take into account the fact that you may not be able to afford to have that amount of life insurance. 

Life insurance won’t be of any help if you allow the policy to lapse because of non-payment. You need to balance your life today with the life you want for your family in the future if you are not there. 

Contact Irvington Insurance in Indianapolis, IN with your questions about life insurance.