Life insurance is an important part of your long-term financial plan. Your policy ensures that your children, spouse, or loved ones are provided for when you are gone.
Are you sure you have enough life insurance?
Use these tips from the Slocum Agency, Inc. in the Warwick, RI area to determine if your current policies are enough.
- What does your life insurance payout need to cover? The fastest way to estimate life insurance needs is to multiply your monthly expenses by 12. Then, multiply the product by the number of years your loved ones will need to establish their own financial stability. Add in special funds like education, burial costs, and cash for any outstanding loans or obligations that your family may need to pay.
- Small business owners should consider adding a commercial life insurance policy to their portfolios. This coverage provides funds to help your business partner pay off mutual debts, to save your family from shouldering the weight of your business obligations, or give your surviving partners the needed cash flow to stay afloat while they rebuild their lives.
- Show your gratitude and leave a legacy by naming your favorite charitable organization as a beneficiary. Your favorite charity can receive any portion of your personal life insurance payout. Use this strategy with a whole-life policy. These policies accumulate cash value over time, which you can use during your lifetime for investments or personal emergencies.
You don’t have to limit yourself to just one life insurance policy. A skilled insurance agent can help you create a personalized package that covers all the essential things in your life. Contact the Slocum Agency, Inc. in Warwick, RI to discuss your insurance needs today.