Loftis & Wetzel Corp RSS Join Our Newsletter Home Page Facebook Twitter LinkedIn
Alternate Content
Get A Quote

family posing togetherThere's no perfect way to determine how much term life insurance you need. However, when you consider your current and expected future needs, you can make good estimates. Here are five questions to consider when determining how much coverage you want:

How old am I now? Older people will typically need less life insurance than younger ones. They often have fewer, more easily manageable expenses. Likewise, if you're 20, single and have no plans for kids immediately, you really have no need for a large policy. Smaller options should be sufficient for final expenses. The less complicated the policy, the better your savings will likely be.

What's my relationship status? Again, singles without kids have less need than couples with kids. That said, if you're serious with your partner and open to kids in the future, buying a policy now might help. Investment while you're younger and in great health will probably net affordable premiums.

How many kids do I have/plan to have? Managing your risks means you have to consideer your children. A woman with teenagers might get by with a 10 year life insurance policy. She may not need it anymore after her children leave home. Someone whose kids are still in diapers might want to opt for 20 to 25 years on a policy. That way, they can account for the possibility of more babies. They can also have enough coverage while they raise the children to adulthood. At minimum, you want enough coverage to care for the kids until they're legally adults.

What's my (and partner's) income? The home's primary wage earner needs insurance. For couples where one partner stays home with the kids or is primarily in charge of managing the home, that partner needs to have insurance as well. They may not be bringing in money, but they are providing valuable services for the family. The general rule of thumb is ten to twelve times your annual income.

What financial obligations do I have? Say you're a grandparent and have a nice nest egg, but you also care for your granddaughter regularly. You want to have a policy that leaves enough money to a trusted person to care for her until she's an adult. The same is true if you have an adult child who has a disability; you want to leave money for his or her future care. If you're single and have some pets, might account for some money for the pets' care.

Loftis & Wetzel Corporation has your life insurance needs in mind. One of our agents can help you get a fast, free quote right now. If you have questions about what policy is right for you, call us at (855) 360-0466 for more information.
Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version

Home Page
About Us
Quote
Referrals
Contact Us
Social Networking Ponca City Office: 580-765-5566
Stillwater Office: 405-334-5477
Edmond/OKC: 405-530-4019
Oklahoma City Personal Insurance: 405-879-3434

Loftis & Wetzel Corporation
115 W Blackwell Avenue
Blackwell, OK 74631
580-363-3434

Map & Directions All Locations
FacebookTwitterLinkedInRSS Blog