How Much Alabama Life Insurance Do You Need to Protect Your Family?

Most individuals desire enough Alabama life insurance to make sure their dependents can continue to live the lifestyle they were accustomed to when the family’s main income earner was alive and working. There should be enough life insurance to cover spouse and dependents’ annual expenses plus the cost of a funeral. If both spouses work, both should have adequate life insurance coverage. It is also necessary to consider the possibility of both spouses dying simultaneously in an accident and plan accordingly.

There are several basic things to take into consideration when deciding how much life insurance to purchase.

• Burial expenses average around $15,000.00.
• Determine any outstanding mortgages, because the surviving spouse may want to pay these off.
• Future college expenses for all children.
• Adequate funds to pay any other major debts need to be included in the final figure.
• When debts are taken care of and education is covered, it is not typically necessary to replace the full income, therefore only a percentage may need to be replaced.

Alabama life insurance agents should be able to assist with calculating the necessary amount of insurance and helping with selection of a specific policy. Also, consulting a reputable financial planner might be a good idea for advice on your overall financial plan. Contact our agency for help in obtaining a suitable policy for your situation. 

 

 

 

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