How Much Life Insurance do I Need?

How much life insurance do I need

brought to you by your local State Farm Agent Chris Nielsen

How much life insurance do I need? Is the life insurance I have through work enough? I bought life insurance a long time ago, do I need more now? These are common questions people have about life insurance, and the answers are different for everyone. As an individual, you have your own unique needs and dreams for the future, and you have your own unique family situation.

What to Look At
Figuring out how much life insurance you might need starts with looking at what and who you want to protect, and that often depends on what life stage you’re in.

  • If you’re newly married or a young parent, your income may be what you primarily need to protect. So if something happened to you, you could leave enough behind to help your spouse or family replace the lost income for a certain amount of time.
  • If your family is growing and you’ve purchased or upgraded your home, you may need to add additional coverage for some of your bigger assets. You might also be thinking about protecting your children’s future education needs.
  • If you’re going through a divorce, there are several factors to consider, especially if you have children.
  • If you’re nearing retirement, you may start thinking about what your spouse would need to live comfortably if they live longer than you.

Is My Current Coverage Enough?
Many people who have life insurance through work assume that will be plenty for their family to live on. Many people don’t do a needs analysis with their work coverage. They see the number and feel secure with it, but they’ve never sat down and looked at the numbers to see if they’re even in the ballpark. For some people, it is enough, but for many people, they find they need more.

What If I Can’t Afford It?
So what if you’ve done an analysis of your needs, only to find out the premium isn’t something you’re able to afford right now? Your local State Farm Agent Chris Nielsen and his team will calculate proper coverage, balance your budget with your needs. Budget is very important, so Nielsen and his team will start with helping you find a solution that makes the most sense for you based on what you feel you can afford, while still feeling secure in your protection.

Learn More
For help figuring out your own life insurance needs and to talk through your options, talk to your Chris Nielsen, your local State Farm agent today.

Get in touch:
5332 Main St, Spring Hill (next to the Tennessee Children’s Home on Hwy 31)
(931) 486-1600

When it comes to insurance, no question is too big or small for Chris Nielsen and his team. Fill out the form below to get in touch: