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. 

What factors should I think about when choosing a new life insurance policy?

Those in the Columbia, SC area will always have insurance needs that should be taken seriously. One form of insurance that many people should consider getting is life insurance. Various factors need to be considered as you are shopping for life insurance in this area.

Amount of Life Insurance Coverage

One of the most important factors to consider is the amount of coverage you will receive. Your life insurance plan should provide financial protection so your dependents can reasonably meet their future financial needs. This can include ensuring that living costs, higher education, and even future retirement needs are met. You can offset their total future expenses by other savings and investments that you have to determine the level of coverage that you should obtain in your next policy. 

Type of Plan

You should also carefully consider the type of policy that you should choose. There are multiple options available, the most common of which are term and whole life. With your whole life, you can have coverage for the rest of your life and enjoy an investment benefit. With term life, you will only have coverage for a specific period of time and not investment benefits, but your monthly payments will be less. 

If you are looking for a new life insurance plan and are in the Columbia, SC area, it would be helpful to call Higgins & Halloran. There continue to be many factors to consider when choosing a life insurance plan, and Higgins & Halloran can make the process easier for you. The team can help you evaluate all of your needs and give the support needed to build a plan that will offer ideal coverage.

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Those in the Columbia, SC area will always have insurance needs that should be taken seriously. One form of insurance that many people should consider getting is life insurance. Various factors need to be considered as you are shopping for life insurance in this area.

Amount of Life Insurance Coverage

One of the most important factors to consider is the amount of coverage you will receive. Your life insurance plan should provide financial protection so your dependents can reasonably meet their future financial needs. This can include ensuring that living costs, higher education, and even future retirement needs are met. You can offset their total future expenses by other savings and investments that you have to determine the level of coverage that you should obtain in your next policy. 

Type of Plan

You should also carefully consider the type of policy that you should choose. There are multiple options available, the most common of which are term and whole life. With your whole life, you can have coverage for the rest of your life and enjoy an investment benefit. With term life, you will only have coverage for a specific period of time and not investment benefits, but your monthly payments will be less. 

If you are looking for a new life insurance plan and are in the Columbia, SC area, it would be helpful to call Higgins & Halloran. There continue to be many factors to consider when choosing a life insurance plan, and Higgins & Halloran can make the process easier for you. The team can help you evaluate all of your needs and give the support needed to build a plan that will offer ideal coverage.