INTEGRITY LIFE PLANNING
Protecing Your Legacy
Life Insurance, Retirement, Estate Planning & Living Trusts
Life Insurance...
"What is Life Insurance?"
Simply put, life insurance is an agreement between you and an insurance company, you agree to pay the premiums and upon your passing the insurance company agrees to pay a specified amount to your beneficiaries which is typically your family.
"How Much Life Insurance Do I Need?"
Because everyone's situation and needs are different there isn't a one size fits all solution when it comes to life insurance. However, a simple rule of thumb is to multiply your annual salary by 10, this will provide a reasonable amount of coverage for most families. For a more accurate assesment there are other factors to consider such as Age, Debt, Mortgage and future Child Education.
"Which Type of Policy is Best?"
There are two basic types of insurance - permanant (like whole life) and term. Whichever kind of policy you get you'll want a death benefit amount large enough to cover the bills and expenses that you'll be unable to help with when your gone. This includes things like:
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Replacing Income from your job
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Covering a mortgage or rent
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Paying off debt including credit cards and auto loans
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Saving for college
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Childcare expenses
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Final expenses and/or funeral costs
Esentially you need enough to cover the extra costs your family would have in your absence, especially if your childern are still living at home. Also, the more dependents you have and the younger they are the more life insurance you may need.
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