You need life insurance coverage to protect your family financially in Burlington, NC. If you have not yet purchased a life insurance policy to meet your needs, we can provide assistance at Don Allred Insurance.
The following are three things that you need to consider to determine the amount of life insurance coverage you need.
The number of dependents you have
The more dependents you have who are relying on you financially, the more coverage you need. If you have five kids, you’ll need more coverage than you would need if you have one kid.
You should also consider whether your spouse is financially dependent on you. If your spouse relies on you financially, you need to invest in more coverage. This means that not only is your spouse relying on you financially, but your spouse may also not be producing a significant amount of income to support your family if something should happen to you.
The amount of time that your dependents will be financially dependent on you
If your children are very young, they’ll be financially dependent on you longer than they would be if they were already in college. Purchase enough coverage to support your family until they become financially independent if possible.
The amount of money you make
The more money you make, the more coverage you’re probably going to want. If your income is high, it’s likely that the living expenses of your family are on the higher side.
Ideally, you want to have enough coverage so that your family could enjoy the same lifestyle if something happened to you that stopped your income from continuing.
If you’d like to learn more about choosing life insurance in Burlington, NC, we’re here to help. Contact us by phone or via our website at Don Allred Insurance to find the right life insurance policy for your needs.