At the Russ Richardson Agency of Birmingham, AL, one of the most frequent questions we get concerning life insurance is “How much do I need?” or “How much is enough?”
Like other aspects of your financial life, the answer depends on your personal goals.
The basics.
At the very least, you should have enough life insurance to cover final expenses and to take care of any outstanding debts. These alone can run into the tens of thousands of dollars, not including car loans or a mortgage.
Beyond the Basics.
Beyond final expenses and smaller debts, you may wish to ensure your family can stay in their home, have cars that are paid off, and have several years of income. This can be invaluable in assisting your family make the transition following your death.
Providing for higher education for children.
If you have younger children, you may wish to provide enough funds to either cover college educations or at least get them off to a good start. Of course, in the meantime, you may wish to ensure they have sufficient resources to maintain a quality lifestyle.
Establishing a legacy.
Some will purchase life insurance to help them leave a financial gift for a favorite cause, charity, or foundation.
How much life insurance is enough?
All of this can add up rapidly. But building a life insurance program to help you achieve these goals is possible and perhaps even affordable.
Term life insurance can be particularly reachable in large amounts. If you live in the Birmingham, AL, area, we invite you to contact us at the Russ Richardson Agency. Let’s discuss the what-ifs, your goals, and the possibilities. It may be easier to get started than you think. Reach out to us today, and let’s see what’s possible.
