Thinking about life insurance, but not sure what you need or where to begin? Remember this acronym…
Whether you’ve just had a major personal change or a close call, thinking about life insurance can sometimes bring up more questions than answers. How much life insurance do I need? What is its purpose? How much money is it going to cost? How do I get started?
With the help of The Cincinnati Insurance Companies, here is an easy acronym that helps you answer some of your most common questions:
Life isn’t always easy, but life insurance should be. Spelling out L – I – F – E uncovers our hidden path to answer some of the most common questions.
Liabilities – Pay off outstanding financial obligations with the policy proceeds. Think about any debts you have, including items such as your monthly mortgage and car loans. List these items and the balances due – these numbers will help determine your ideal policy.
Income – Use the benefits from life insurance as an income replacement vehicle. Consider how much income would be needed and how long it should last for your surviving family members to maintain their current lifestyle. This will help in deciding which policy will be right for you and your family.
Final expenses – Plan ahead using life insurance to cover your final expenses. Even the most basic funeral service and burial or cremation may cost several thousand dollars. Additional services or features add to these costs and can impact your life insurance policy decision.
Education – Make allocations to fund education needs for your loved ones. List your family members and their plans. Within a few minutes, you can search average costs based on the type of educational institution and degree.
Although purchasing life insurance requires careful planning, the process does not need to be overwhelming. By performing this simple exercise, you can quickly get an idea of what it can do and how much you may need.
Best of all, having these answers provides peace of mind. Then, life truly is easier.
After you’ve gone through this exercise, we recommend reaching out to the expert team at The Feltner Group. We’ll answer all of your specific questions in a way that’s clear, concise, and actionable. As independent brokers, we work for our clients, not the insurance companies, so we’re dedicated to helping you get the coverage you need at the best possible rates. Contact us today to figure out which life insurance policy will be best for you, your family, and your future.