A study by the National Association of Insurance Commissioners found that less half of young people with families had life insurance. Those that did have life insurance, did not have enough. On average, their policies only provided enough funding for approximately three years. Life insurance is important financial protection for the family in the event of the untimely death of one or both spouses.  Without this important protection, financial security would be uncertain for the survivors. The team at Safechoice Insurance Agency, serving Rochester MN, understands the importance of adequate life insurance. They will work with you to get the protection your family needs.

When deciding how much life insurance is needed, consider your current income.  It’s also important to consider if you would like to set aside funds for your child’s future education. If you have other dependents, such as aging parents or siblings, who would be impacted by your death, they will be factored into your decision-making process. Insurance monies will also need to your final expenses and debts. To ensure that you have enough coverage, remember to include estate taxes and inflation. Also, take into account any life insurance policies that you have through work or veteran’s insurance. Social Security also provides some benefits.   

There is a lot that goes into deciding the amount of life insurance coverage that your family needs. Thankfully, you don’t have to go through the thought process alone. The insurance pros at Safechoice Insurance Agency, serving Rochester MN, can help explain all of your options. Then give them a call or drop by their office.  They ready to help you protect your family today!