It would be great if anything in life prepared you for discussing life insurance. Your parents aren’t going to pull you aside and have a talk with you about life insurance. You won’t take a class in college called Life Insurance 101. When it comes to deciding how much life insurance is enough, you will have to rely on your independent insurance agent. At The Ryan Insurance Agency in Clarkston, MI, we have an experienced team here to help you find the insurance you need.
If you are young and unattached, your need for life insurance is minimal. This is ironic since this is the best time to invest in insurance since rates are the lowest they will ever be. You may have some life insurance provided by your employer, and taking a good look at it is a good thing to do. Is it enough to take care of any debt that you have and your final expenses? If it is, you may not need additional life insurance at this time.
When you get married, your need for life insurance changes, and when you have children, it changes even more. You need to provide for your spouse and children so that they don’t have to change their lifestyle because you are no longer with them. How much insurance that requires depends a lot on how much you earn, whether your spouse works, how many children you have, and how young they are. It is safe to say that you need between 7 and 10 years of your annual income. If you want to provide for their college education, that is an additional amount.
Life insurance needs are very personal and can be customized to fit your life. At The Ryan Insurance Agency in Clarkston, MI, we will work with you to develop the correct amount of life insurance to provide for your family.
