How much life insurance is enough?

When the time comes to think about life insurance, you can count on the Michael Taylor Agency in Columbia, SC  to be there to help you to get through the mounds of data and information to find out what amount is right for you. As independent insurance agents, we work for you, not one insurance company, and we can look through multiple carriers to get the right policy for your situation. 

Life insurance is not one size fits all. It needs to be customized to your personal needs and finances. Your annual income is a major determining factor in how much life insurance is enough for you. Providing for dependents who are used to having a breadwinner with a $50,000 income is different from those who survive someone who makes $150,000. 

First, ask yourself who depends on your income to survive? Do you have children? What are their ages? Does your spouse have an income separate from yours? All of these are questions you need to answer to develop an educated solution to how much life insurance is enough. 

Keep in mind that your spouse may not be able to work outside the home if you pass away. One parent raising children is much different from having two, and grief must be considered. Ensuring they have the money they need to take some recovery time will make the whole process much more manageable. 

How young are your children? If they are very young, you will need to care for them for much longer than if they are teens. Do you want to make sure they have enough money for college? Experts suggest between 7-10 years of your income is a figure to shoot for with your life insurance. 

Contact Michael Taylor Agency in Columbia, SC if you have life insurance needs and questions.