Responsible adults in Peoria, AZ know that having enough life insurance is important. Having adequate life insurance means that if you were to die unexpectedly, your family could focus on grieving their loss rather than fretting about how to pay the bills. If you are considering buying life insurance or increasing your coverage, you may be interested in these tips from Schaller & Thomas Family Insurance.
1. How is your health care coverage?
If you have excellent health insurance, your family may be in pretty good shape as far as medical bills if you were to die. Many people end up in the hospital for several days or weeks before they pass, and you don’t want those bills haunting your family after you’re gone. If your health insurance is not so great, you may want to figure in the cost of your medical deductible when determining your life insurance coverage amount.
2. What are your outstanding debts?
If you have a large amount of debt and your family depends on your salary to make the payments each month, you may want enough life insurance to pay these bills in full.
3. Consider your final expenses.
Burial or cremation of your remains may cost more than you realize. Be sure that you have enough life insurance so that your family can lay you to rest without undue financial burdens.
4. Money for life changes.
If you pass away, your family members may want to move closer to other relatives, go back to college, find a job, or put the kids in day care. You should provide enough money so that your family members can make these changes without financial stress.
5. Consider your annual income.
A good rule of thumb is to buy enough life insurance so that your family can maintain their current lifestyle for several years. In other words, take your annual income and multiply it by three to five years to get a basic idea of how much insurance you will need.
If you need to purchase life insurance, contact Schaller & Thomas Family Insurance, serving the Peoria, AZ area.