There is no one right one size fits all policy. Each contract needs to be formed around the individual’s lifestyle and situation.
It’s always best to clearly lay out all of your financials as well as family situation with a qualified insurance agent in order to make sure that you make the best selection on policies.
Many people avoid life insurance because they don’t like to think about death.
Life insurance isn’t just intended for death. Life insurance does of course pay out a sum to your chosen beneficiaries should you pass away, helping to take care of loved ones so they don’t have to struggle financially through your loss. It’s important to note that life insurance can also be pre-designated to pay for final expenses and funeral costs so that the burden doesn’t fall on relatives. Funerals in 2020 average anywhere from $7,000 to $10,000.
If you have a family that relies on you, it is best to have policies 10 to 12 times your yearly income in order for them to live comfortably if invested well. – You may be pleasantly surprised at how affordable it really can be.
It’s very important to note that debt owed doesn’t vanish or cancel when you die. Student loans, mortgages, car notes, credit cards… all of them will come after your estate at the time of your passing. That needs to be factored in or your families planned inheritance could be eaten away at if not completely swiped out from under them.
Another important factor if you have kids, do they plan on attending college? If so, that is a huge addition that needs to be considered so they don’t end up drowning in student loans. You may want to bump up policies by $100,000 each to cover rising costs and living expenses during that time so they are able to focus on their studies.
If you haven’t gone over your life insurance policy inclusions and exclusions lately we would like to invite you to review your policies and let us double check to make sure you have enough as well as the right type of insurance. Give Centennial Insurance Services a call today at (239) 247-5125 or visit www.cisinsfl.com to learn more.