One of the most frequently asked questions about life insurance is "how much life insurance is enough?". Life insurance is not one size fits all; it needs to be customized to fit your needs. An independent insurance agent can help by making sure they know you and your needs. At Don Atwell & Associates in Desoto, TX we have been serving the residents of the South Dallas area for more than 30 years. Our team will take to time to make sure you have the insurance that is right for you.
Life insurance needs to change over your lifetime. When you are young you will not need the same amount of life insurance as you will during the years when you have children who depend on you. As you age and go into your golden years, your life insurance needs will also be much less than in your prime years.
The time when you need to know how much life insurance is enough the most is when you have to plan to protect your partner and your children. If you have small children and perhaps several small children, you need to provide enough money so that they can maintain their current lifestyle. Experts suggest between 7 and 10 years of your yearly income. But if you are talking about 15 years that may not even be enough. If your spouse doesn’t work outside the home, it can be even more and if you want to make sure they have money for college that is another expense.
It may be beyond your means to purchase and maintain the payments on this amount. Talking to your independent insurance agent about what your options are will relieve your mind and get you on track to have the coverage you need.
Contact Don Atwell & Associates in Desoto, TX when you are ready to discuss your life insurance needs.