When it comes to life insurance, you might think that enough is a pretty general word, and it is. There is a great deal more to make sure you have adequate life insurance. At Brittany Olson Insurance Agency LLC, serving the greater Cloquet, MN community, we understand that life insurance is one of the most important things you can do for your family. We will work hard to make sure you get exactly the right coverage.
You need how much life insurance?
Before you can determine the amount of life insurance that you need, you must answer a few questions. The answers that you give factor into the figure that will meet your life insurance needs.
- Who depends on your income?
- What is your income?
- For how many years do you need to provide?
Once you have the answers to these questions, you will have the basic pieces of information that you need to make the decision about how much life insurance is enough.
Who are your dependents? Are they young children? If they are, you will need to provide income for them for a longer period of time. Experts estimate that between 7-10 years of income is required.
What type of insurance makes sense?
Term life insurance is the most affordable. It can be purchased for a limited number of years when you have the most need. When you need a large amount of life insurance, this may be the only option you can afford.
So how much life insurance is enough? If your income is $50,000 and you need to provide for 20 years, that is a million dollars in coverage.
Contact Us Today
Give us a call at Brittany Olson Insurance Agency LLC in Cloquet, MN to learn more about life insurance.