As you plan your future, you might want to consider getting life insurance now — even if you’re single. This is because insurers base premiums on your age, along with other factors. As your age increases, so does your premium. Your status can change and you want to make sure you can get the coverage you need at an affordable price. Aside from this, you also need to make sure you provide for people who depend on you.
Life insurance enables you to take care of your dependents long after you’re gone. This is crucial particularly if you have young children. You’ll need to think about their ages and the period for which you they would be depend on income from you. You also need to consider their college education. You can provide for your children until they can fend for themselves.
People are living longer and you may have parents who depend on you for their care. You can make sure your parents can continue to live in the life style to which they’re accustomed. You also can make sure that their health insurance premiums are paid and current. You can set benefits aside to help supplement your parents’ social security income or just to make sure their needs are fulfilled
How Much Coverage Do You Need
The amount of coverage you need depends on your situation. You need to think about who depends on you for financial support. You also can add in anyone you’d like to make sure is okay when you’re gone. A formula you can use is to figure the annual amount you believe each of your dependents or beneficiaries needs. Multiply that amount by the number of years for which you’d like to provide coverage.
Planning for your dependent’s future is sometimes difficult because no one likes to think about his or her demise. Think instead about your loved ones and how much they depend on you. Speak with one of our insurance agents today so we can show you how to secure you and your dependents’ financial future.