One of the most common questions when it comes to life insurance is how much life insurance you need. There are all kinds of numbers tossed around, and some of these numbers might sound big, but when it comes to paying for your family after you are gone, what is a number you should consider? Here at Kriener Insurance, we want to make sure you know all the ins and outs when taking out life insurance while living around greater Woodbury, MN.
How Much Life Insurance
First, you need to add up all your current long-term expenses (such as a mortgage, college tuition, car payments, and other bills). You need life insurance to cover this. However, you’ll also want money to cover living expenses. Some choose to multiply their current income by six or even ten. Others will consider how many years they have left until retirement, which they will then multiply by their income.
There are several mathematical formulas available for helping you determine how much life insurance is right. Ultimately it depends not only on your age but on how many children you have, plus the amount of debt and current financial obligations you have. Our expert team can help perform all of these calculations for you.
Find Life Insurance For Your Needs
Life insurance is one of the most important investments you can take out for your family. There will be a time where you are unable to provide for the members of your family, which is why life insurance is so valuable an investment. You likely have questions about which coverage is right for you, which is why our staff here at Kriener Insurance is ready to address all your needs while living in or around Woodbury, MN.