Making the decision to get life insurance coverage is one of the smartest things you can do to secure your family's future. Whether you are just looking to take care of your spouse or have children to look out for as well, life insurance can take care of your loved ones after you are gone. How do you know how much coverage you need to have? Bingel Insurance Agency of Denver, CO, has expert advice to help you get the right amount of insurance coverage for your needs.
Here are some of the most important factors to consider when selecting your life insurance coverage options:
- Your Income: You want to make sure that the amount of coverage you choose will be enough to make up for your lost salary. Although you may not compensate for all of it, 10 times your annual salary is a typical rule of thumb to help your family through the worst.
- Length of Coverage: Choosing between term and whole life insurance is also an important factor. Term life insurance only covers you for a certain number of years, while whole life insurance pays out at any time. Your age and how close you and your spouse are to retirement will factor into this decision.
- Age of Your Children: You'll want to ensure that your children will be covered at least until they reach adulthood. If your children are teenagers, for example, you'll need less coverage than if they are very young. This factor will help determine your term and amount of coverage.
If you’re not sure exactly how to crunch the numbers to come up with the right amount of coverage, call Bingel Insurance Agency in Denver at (303) 451-8034 for advice and an insurance quote. They’ll walk you through different scenarios and help you decide on an affordable insurance policy that protects your family’s interests. You can see their website for more information.