If you have life insurance through your Utah, Idaho, Arizona, Nevada, or Montana employer, there’s a good chance that it probably won’t truly take care of your family if you should pass away at an early age. When considering what kind of policy you might wish to buy from The Smith Insurance Group, Inc., it’s a good idea to decide what you need it to do for you.
Single Earner vs. Double Income Household
If both you and your spouse bring home a sizeable income and don’t plan on having one parent stay home to raise children, you may not need to add an additional life insurance policy. However, if you are the sole breadwinner in the home, how would your spouse survive without you? How long will that $50,000 or $100,000 benefit last? One year? Five? What will happen in twenty years?
Are Your Kids Going to College?
Perhaps if you aren’t around, you’re thinking the kids won’t be attending an ivy league school in ten years. However, even if they attend a state school, they will still need $50,000 just to cover tuition and books. How many children do you have? Make sure to include their needs through the age of 25 when calculating your required benefit.
What Remains on the Mortgage?
Will your family be able to afford to pay the mortgage or rent? What would it take to pay off the mortgage and at least ensure there is a safe place to live? These are all topics you will need to take into consideration when shopping for life insurance.
Take the time to make an appointment with your agent at The Smith Insurance Group, Inc. in Sandy, UT. You can discuss all the options available on a life insurance policy. We do go beyond Utah and also write for Idaho, Arizona, Nevada, and Montana. Reach out to our agents to learn more and have your questions answered.