How much life insurance is enough?

When it comes to how much life insurance is enough, only you can answer that question. You may not have any idea how to come up with that figure, and that is why you need to have an independent insurance agent like those at Higgins & Halloran in Columbia, SC. An experienced agent has the information you need about life insurance; the types and the amount that makes sense for you in your current situation. 

Life insurance is something that it is never too early to think about. When you are young, the rates are the lowest they probably ever will be, and getting at least a start on your lifelong plan makes sense. Life insurance is a lifelong part of your financial planning. 

When you are figuring how much life insurance is enough, you should not include the insurance you get from your employer in your overall plan. It is a bonus not part of the primary coverage you need. You can’t guarantee that you will have the coverage when it is needed since most jobs don’t last a lifetime, and it might not be transferable. 

When you are in the prime years of your life, it is the welfare of your children if anything should happen to you that is the main motivator for the amount of life insurance you need.  Term life insurance has a term of between 20-30 years and as a parent, you will likely need all of that. Your income is the main factor in determining how much your family might need to survive without you while your children are young. Ten years of your income may or may not be enough, but it is a goal to shoot for.  

If you are ready to discuss your life insurance requirements, Higgins & Halloran of Columbia, SC is here to help. 

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When it comes to how much life insurance is enough, only you can answer that question. You may not have any idea how to come up with that figure, and that is why you need to have an independent insurance agent like those at Higgins & Halloran in Columbia, SC. An experienced agent has the information you need about life insurance; the types and the amount that makes sense for you in your current situation. 

Life insurance is something that it is never too early to think about. When you are young, the rates are the lowest they probably ever will be, and getting at least a start on your lifelong plan makes sense. Life insurance is a lifelong part of your financial planning. 

When you are figuring how much life insurance is enough, you should not include the insurance you get from your employer in your overall plan. It is a bonus not part of the primary coverage you need. You can’t guarantee that you will have the coverage when it is needed since most jobs don’t last a lifetime, and it might not be transferable. 

When you are in the prime years of your life, it is the welfare of your children if anything should happen to you that is the main motivator for the amount of life insurance you need.  Term life insurance has a term of between 20-30 years and as a parent, you will likely need all of that. Your income is the main factor in determining how much your family might need to survive without you while your children are young. Ten years of your income may or may not be enough, but it is a goal to shoot for.  

If you are ready to discuss your life insurance requirements, Higgins & Halloran of Columbia, SC is here to help.