Life insurance
People may wonder, do I need life insurance and if so, how much life insurance do I need? The proper question is how much life insurance does my family need if I am no longer around to provide? Let 303 Insurance Brokers help you determine how much is needed and what type of insurance is best for you!
How much do you need?
There are several different factors to help determine how much you need for life insurance. A popular concept is the DIME method.
DIME METHOD
DEBT
how much debt do you have, student loans, credit cards, car payments and more. Should include all debts except your mortgage.
iNCOME
how much do you make annually. How many years of your income does your family need until the income until it can be replaced? Typically, 3-10 years depending on your situation.
MORTGAGE
How much do you have left on your mortgage?
EDUCATION
Education: if you have children, do you plan on paying for them to go to school? Instate colleges can now run $100,000 per child and out of state or private colleges, even more.
Found something interesting ?
Speak with 303 Insurance Brokers, we will help walk you down the path to determine how much insurance you need and what the best type of policy or policies would work best for you and your family.
Types of life insurance
Term
Term insurance is simply an insurance plan you have in place for a specific time period, or term. They are usually 10, 20 or 30 years in length. Term insurance is less expensive for the same amount of coverage because it will “expire” at the end of the term. Term insurance is very popular because you get more life insurance coverage for less monthly premium than you would with a permanent policy. Another way to think about it is that you are renting life insurance with a term policy vs owning it with a permanent policy.
Permanent
Whole life and Universal life are two of the more popular types of permanent life policies. Permanent insurance does not expire and combines the death benefit with a savings component.
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