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Life Insurance Information
Investing in adequate life insurance is essential to securing financial security and peace of mind for you and your loved ones. Your life insurance may help cover various expenses following your death that would otherwise need to be paid out of pocket, including funeral costs, outstanding debts and medical bills. Furthermore, life insurance can provide financial assistance to your beneficiaries. Overall, life insurance is an important investment to help ensure the financial stability of those you can no longer provide for after your passing.
What Are the Types of Life Insurance?
Although there are many forms of life insurance, coverage can generally be sorted into the following primary classifications:
- Term life insurance—These policies provide coverage for a specific period and are typically less expensive than permanent life insurance. Term life coverage may be a good choice if you want to ensure coverage until a specific date, such as until your children reach adulthood or your spouse reaches retirement age.
- Permanent life insurance—As long as you keep up with your premiums, this coverage generally lasts throughout your entire life. These policies come in many forms and may include various financial opportunities, such as the ability to accrue cash value that can be borrowed against or invested.
How Many Life Insurance Policies Can You Have?
There is generally no limit to the number of life insurance policies you can have. Having multiple life insurance policies can be a good way to increase your coverage and provide additional financial protection for your loved ones. When considering multiple life insurance policies, make sure you are not over-insured, as this can lead to paying unnecessary premiums.
How Much Life Insurance Do You Need?
Regardless of how many life insurance policies you maintain, what’s most important is that you have adequate total coverage. Your overall life insurance needs may vary based on the following factors:
- Income—How much income would your family need to replace to maintain their current lifestyle if you were not there to provide for them?
- Assets—What other savings or financial assets would be available to your family in the event of your death?
- Debts—How much debt would your loved ones be left to pay off without you (e.g., mortgages, auto loans, etc.)
- Expenses—What expenses would need to be paid for in the short- and long-term, such as childcare and college tuition?
How Much Life Insurance Do You Need at 60?
Your life insurance needs at any given age depend on your unique circumstances, including your income, debts, assets and the needs of any dependents. If you are nearing retirement age, you may have paid off most of your debt and accumulated various assets. However, you may still have financial obligations, such as providing for your spouse or dependents. Regardless of your age or circumstances, it’s essential to work with a qualified life insurance professional to get help assessing and addressing your coverage needs.
We’re Here to Help
Having served individuals, families and businesses in the Spring, Texas, area since 1993, the dedicated staff at Insurance & Financial Services At Champions are well-equipped to help you secure your family’s finances and future with optimal life insurance policies. Contact us today to get started.