Most people have no idea how much life insurance is enough. That is why they need an independent insurance agent to give them advice. At Parr Insurance Services in Lynchburg, VA, helping customers is what we are all about. With more than 30 years of experience, we have the expertise that you deserve.
How much life insurance is enough?
In the simplest of terms, the amount of life insurance that you need depends on your circumstances and your income. How long do you want to support any dependents that you have and how much money will that require? It is basic math. It requires taking a look into your future and deciding what maintaining a lifestyle requires.
If you are single and have no dependents, the need for life insurance is minimal. If you have enough savings to pay for any debt you have and your final expenses, then you probably don’t need any.
Once you have a spouse or partner, you need to consider what they might need if you are not there to share expenses. Will they need additional support for a year, a few years, or more? These go into the calculation of how much life insurance you need.
Children need a lot more consideration. How many you have, and their ages are significant factors in determining how much life insurance is enough. How many years do you need to provide security for? Things like a mortgage also factor in. The estimate is 10 times your annual income. If you hope to be able to provide a college education for your children, this increases your need for life insurance as well.
Once your children grow up, the need for life insurance decreases again. Depending on your financial situation, you may not need life insurance to maintain your lifestyle.
Get The Right Coverage Today
Contact Parr Insurance Services in Lynchburg, VA to discuss your life insurance needs.