Life insurance allows you to provide a safety net for your loved ones in the event you pass away. No matter what point you are at in your life, you may not have acquired the assets to maintain the lifestyle you are currently enjoying. Life insurance provides the additional funds you may need to bridge the gap. Residents of North Carolina can turn to the Lee Insurance Agency LLC for the help needed to decide how much life insurance is enough. Our family-owned agency is committed to putting our customer’s needs first.
The amount of life insurance that is enough for you personally is not a one size fits all amount. Many different factors go into determining that figure. Even in your own lifetime, your life insurance needs are likely to change.
Your age
If you are very young or alternately very old, your insurance needs will be smaller than they will be during the prime of your life. The cost of life insurance is lowest for the young so getting a policy to keep for life when you are young is a good investment.
Your debt
Your life insurance should be enough to clear any debt you have. This can be a mortgage or just normal monthly bills. Your final expenses should also be included when figuring this.
Your dependents
Not everyone has people who count on them and their income. But for those who do, providing for them in the event of your death is something they are counting on. You need to make sure your children are provided for and your spouse or partner as well. How much life insurance is needed depends on the age of your children and your income. It has been suggested a minimum of seven years of your income is what is needed.
If you live in North Carolina, contact the Lee Insurance Agency LLC, and we will be happy to help make sure you have enough life insurance.
