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Life insurance can be a very confusing and tricky thing, especially if you do not know how much you need to purchase. There are many people who go into this blindly and fail to purchase enough for their needs or could purchase way too much. Instead of guessing the amount that you need, you can answer some basic questions to help you determine the right amount for you and your family after you pass. Get started with these to help you find a great beginning number.
- Do you care for any family members financially? If you have someone like a spouse, child, or a parent that relies on your income to survive, then you need to consider leaving them some money so they can be taken care of after you are gone.
- Do you have any debts? If you have a mortgage, a car note, credit card debt, or any other kind of debt, that debt does not necessarily go away after you pass. Many times, it can fall to a family member to take care of. If you want to avoid that, make sure there is enough in your life insurance policy to pay off all of your debts.
- Have you thought of funeral costs? Funeral costs are a lot higher than you may imagine. Not to mention, whether you get buried or cremated, there are costs associated with that as well. Instead of making a family member pay for these things out of pocket, add it to your life insurance amount.
After you have answered these questions, there may still be some more that you need to consider. Contact us at Hanneken Insurance Agency, Inc. today to get started on your life insurance quote and for assistance with any further questions you may have.