Picking and choosing life insurance can be a daunting and, sometimes possibly even frightening, task. For the first-timer life insurance can be an extremely uncomfortable subject. But the fact is that if you have loved ones who count on your income life insurance is absolutely necessary. And there are two things to consider when you go to purchase life insurance. First, how much money will your loved ones need when you die? They will need enough to cover the costs associated—there could be uncovered medical bills, funeral costs, possibly estate costs and attorney’s fees, outstanding debt, and not to mention the remaining balance on the mortgage. But you also need to consider the amount of money needed to recoup the income lost.
How Much Insurance Do You Need?
Calculate the debt and income replacement, and plan ahead to the future. You might want to replace an entire year’s worth of income. One way that life insurance is calculated is to multiply the income by the number of years left until predicted retirement.
Life Insurance Cost
Life insurance is relatively inexpensive for the young. As long as a young person is tobacco free they would pay, on average, less than someone who is older. And the monthly payment amount, paid in monthly installments, will reflect the amount to be insured. Life insurance does cost more with age, and oftentimes policies are sold on twenty-year terms.
And remember that even though life insurance is a difficult topic to discuss—it’s difficult, emotionally, to talk about death—remember that the experienced insurance agents at Frontier Insurance understand the difficulties, and they are ready to help you through the process. Remember that if you have loved ones who absolutely count on your income, or if you have mortgages and debts that could put your loved ones in serious financial trouble, then it’s an absolute necessity. If you have any questions about life insurance, or if you would like to begin the process of obtaining life insurance coverage, then call Frontier Insurance today.