How Much Life Insurance Should I Have

The thought crosses people’s minds all the time. What will happen to their family if there were to pass away? Many homes these days have one person in the home generating income. This income handles household bills, mortgages, car insurance, educational expenses, and allows for recreational expenses. The purpose of life insurance is to ensure a person’s family’s financial needs will continue to be met. Before signing up for Life Insurance in Baton Rouge, a person should figure out how much they would need to cover their expenses.

Consider Burial Expenses
The first thing a family has to worry about is the deceased burial expenses. If a person is are able to afford to purchase a burial plan now they should do so. Final expense fees can increase so it’s best to lock in a cheaper rate. If not, setting aside close to $15,000 would be a good start.

Consider Major Outstanding Debts
The next thing to cover is major debts. If they have a home they will want to have enough coverage to pay that off so their family is not concerned with having a roof over their heads and needing to downsize. Also account for outstanding credit cards and loans. Many people take the option of thinking they will have it paid off before anything happens. They must remember death does not wait for anyone to clear their bills.

Consider Children’s Education
If they have young children it’s definitely a time to think of the quality of education they want them to receive. If their child is in private education calculate the costs. If they want their children to go on to college they should factor in the cost of a four year education.

Consider Spouse’s Retirement Needs
Aside from taking care of their children’s education a person will want to consider their spouse. If they were a stay at home parent do they want them going back into the world and working? Maybe the spouse wants to get out of the home and not be alone all day. They may sign up and do volunteer work or get a part time job. Account for babysitting costs then.

Once they are older they should think of their medical expenses. The older a person becomes the more their health starts to fail. Some people look into the costs of private duty nursing or nursing homes. Their spouse should live a comfortable life and not have to worry about much.

Those are the things people should consider when determining how much life insurance they should get. It’s best to then discuss their coverage options with an agent who specializes in Life Insurance in the Baton Rouge area.

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