Rest assured that you get the life insurance that you need!

Rest assured that you get the life insurance that you need!

First question: Do you need life insurance at all? If you have dependents to protect and don’t have enough savings, you definitely need insurance.

Second question: Which kind of insurance should you get? If you want to protect your family against the destruction of your business or estate taxes after your death, whole life or universal life insurance has to be considered.  But if your main concern is to protect your family against a loss of your income, term insurance is the way to go.

Finally, how much insurance do you need? This question is also pretty straightforward. It takes a few steps, but it’s not rocket science. Let’s go through it:

  1. How much debt do you have other than your mortgage? If you have any other debt, you are spending more than you earn. Do you add to your debt each month? Do you pay it down each month? If you have debt, you have to buy more life insurance to pay it off.
  2. How much do you spend each month? The most accurate way to determine your monthly needs is to use a personal budget software package like YNAB, but you can also use your bank statements to estimate your spending.
  3. How much do you save each month? If you put away money every month and live within your means, keep it up. In fact, you probably don’t need to replace all of your income, so you need less term life insurance.
  4. What are your longer-term saving goals? How much money do you need to retire and pay for your immediate future? Are you saving enough to fund your future automobile purchase, retirement and education for the kids?

If you have funds set up for nonrecurring but expected outlays, fine. Otherwise, you need more coverage.

  1. How much income do your survivors need if you aren’t around? This is the only thing that really matters when it comes to determining how much life insurance you need. But to answer this you have to first add up your answers for the above questions.

Finding the right life insurance for you at the right cost is simplified by talking to the professionals at Remland Insurance!

COVID-19

The COVID 19 virus has certainly changed our lives for the short term both at home and at work. Our office is working in compliance with state and local officials and their request to minimize contact with others for the short term so that we can shorten the life of this virus.
As such, our offices will be available by phone or by e mail 8-5 Monday thru Friday. If you need to make an appointment to come by, please call us before you drop by, so we can reduce risk, and take care of our staff and just be safe.
Please don’t hesitate to call us and if for some reason you can’t reach us, please look at our website for carrier contact information. Thank You for your continued business.