Term Life Insurance Questions
When you are planning for your future and saving for your child’s college, it’s also important to protect your family financially in the event of your death. Life insurance may not be high on your list of priorities, but it should be. Available in terms of 5, 10, 20 or 30 years, term life insurance is important protection that will ensure your family can survive if you are gone.
Your Income Levels aren’t Important
You may think that you don’t earn enough to invest in Term Life Insurance, but this isn’t the case. Even if you aren’t making six figures a year, your family still depends on your income to eat and survive. At-home parents who are focusing on child care also commonly believe that they don’t need insurance. However, they are not taking into account that someone else would have to be paid to do what they normally do out of love. Consider the cost of daycare for your children, a maid to keep the house clean and someone to tutor the kids. It becomes clear that all parents in the household are valuable and they should both be insured.
Choosing the Right Term Life Insurance
A general rule of thumb is that you should be protected until the kids have finished college and your home is paid in full. Plan accordingly to ensure that you have the right term. If you have another child after you thought your family was complete, then call your agent to see about changing the term to provide continuous coverage.
What Amount is Right?
This is one of the trickiest questions people face when investing in Term Life Insurance. Start by making a list of your debts to ensure that your family will be able to cover those expenses. Include the mortgage in this list. Make sure you allow for college expenses for the children. This can help you arrive at a coverage level, and you can adjust it from there based on your budget and personal goals.
Before deciding that you don’t need term life insurance, stop to ask yourself what your family will do if you are not there. How will they pay the bills? Will your children still be able to attend college? With term life insurance, you will have all of the answers along with peace of mind.
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