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family posing togetherChances are, you’re familiar with the basics of life insurance. Essentially, you pay a monthly premium for coverage that pays out money to your family upon your death. This coverage is a very wise legacy to leave behind because it delivers dollars for pennies, right when your loved ones need it most. While life insurance cannot replace you, it can replace your economic value to your family.

Many people understand the importance of owning life insurance, but most have questions regarding how much coverage to buy. There are no true rules of thumb because everyone’s financial situation is different. However, when discussing life insurance, consider the following factors.
  • Final expenses: A funeral can cost well over $10,000, which can be a tremendous financial burden during a sorrowful time. Your life insurance policy should be large enough to cover these costs to lift some of the worry away.

  • Debts: Ideally, your coverage should be enough to wipe away any outstanding debts, such as a mortgage or car loan.

  • Income replacement: If you’re the primary wage earner of the household, your family may find themselves in financial trouble following your death. Your life insurance should provide for them for a number of years (of your choosing) while they figure out their next steps.

  • Future expenses: If desired, you can also factor in the estimated cost of future expenses, such as a child’s college education or a wedding.
When adding up these numbers, many people are shocked to learn their economic value. Fortunately, people are also surprised at how inexpensive life insurance can be. In many cases, you can purchase a policy that provides the necessary amount of coverage for about a dollar a day.

Are you ready to learn more about how life insurance can benefit your family for years to come? Talk to your independent insurance agent to get the coverage you need.

Get a free quote today. Call Auto Insurers of Virigina at (804) 379-2697 for more information on Midlothian life insurance.
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