How much coverage do I need?

 

There's no easy, one-size-fits-all answer here and that's because its uniquely based on your current financial landscape, your life stage and your family situation.  To help, let's break it down:


Budget

Take an inventory of your expenses to gain an understanding of what you can afford in terms of premium payments.

Debt

Tally your current debt.  Are you concerned that you can’t afford a policy that covers all of your existing debt? Not to worry, its ok to break your debt down by what your loved ones could completely pay off and what they could afford to pay for a period of time.

Future Needs

Think about the bills that would need to be paid after you’re gone.  Do you wish to secure a coverage amount that pays those bills for a period of time?  Or do you want to leave an amount for your loved ones that covers things such as replacing your paycheck for a set time, your kids’ college education, a charitable gift, etc?  

What are your plans for retirement?  Securing tax deferred growth and tax free access to cash values often make life insurance an attractive and solid retirement strategy.  Does it fit into your retirement savings plans?


Life Insurance decisions can be quite overwhelming, and quite honestly, something most of us don't like to think about.  But its also possibly the largest and most important investment you can make in your loved ones' security...and your own peace of mind.  Our job is to protect you.  Whether it is for business or personal protection, the Life Insurance Team at CRW will guide you through determining the appropriate coverage for your needs.