Buying life insurance is a smart move, which protects your loved ones if something happens to you. If it’s your first time buying it, however, you may wonder how much coverage is sufficient. It’s not enough to rely on various rules of thumb—you have to consider your financial and family situation to make the best decision.  

Luckily, you won’t have to make the decision alone: With help from Michael E. Glick Insurance in Boerne, TX, you’ll have a plan that supports your loved ones in a situation that’s rough enough on its own without all of the financial stress.

Factor In Both Current & Future Expenses

Most experts agree that your insurance policy should be about seven to 10 times your annual income, but of course, your insurance agent will review your case individually to verify you have the correct amount. Part of what you’ll need to factor into this decision is your partner’s housing or mortgage payments, maintenance costs, car payments, and all types of debt. You’ll also need to consider expenses you might not have but may become relevant after your passing—for instance, daycare costs, after-school programs, or college tuition.

Consider Legacy Plans

Once you’ve verified your plan covers funeral costs and future living expenses, you may want to go a step further. Many people, for example, incorporate legacy plans into their life insurance policies, which finance special gifts or funds for close friends or loved ones. You can also buy a plan that will supplement your spouse’s retirement income, helping them live the rest of their life in comfort. 

The best life insurance plan will do more than replace your lost income— it will also allow you to keep on giving to the people that matter most to you. For help getting the best policy, you can reach Michael E. Glick Insurance at (830) 816-9488. More information about their many life, auto, and business insurance plans is available online.