How much life insurance do I need

Life insurance is something that is different for each person.  How much life insurance you need depends on many different things. It is affected by your age, your income, your situation in life and how many people are dependent on you. In order to determine if you are under or over-insured, all of these things need to be taken into consideration. In Clovis, NM, General Insurance Agency can help you to sort this out and come up with a figure that makes sense. 

When you are young and unmarried you will only need enough life insurance to pay your final expenses and any debt that you may have. If you have enough savings to take care of these expenses you may not need life insurance at all unless it is part of your long term financial planning. If however, you are supporting your aging parents or some other family member, you should take that into consideration when determining how much life insurance you need. 

Once you have dependents, a wife, husband, children or other family members, then you need to greatly increase the coverage that you have.  You need to determine how many years of income you want to provide, this is where your income comes in. You want to make sure that your family is able to continue to enjoy the life that you currently provide even if you are no longer here. You also need to have enough to pay off your mortgage, final expenses and any debt that you have. 

When you are older, you may still want to keep a basic policy to cover final expenses and if you still have dependents, provide for them. 

How much life insurance you need is a very personal thing and by talking to the agents at General Insurance Agency in Clovis, NM you can come up with the correct figure.  Give them a call or stop by their office, you will be glad you did.