No one likes to talk about it but life is risky and it is possible to be killed in an accident or other event in Elkhart, Goshen, Middlebury, New Paris, Syracuse, and the surrounding areas. The solution for your family is to have a quality life insurance policy in place by working with RMH Insurance. We can help you to provide for your family in case you pass prematurely with the right life insurance policy. There are different kinds of life insurance including term life insurance, whole life insurance, and other policies. We want to help you to plan for the worst so that if the worst happens, your family will have financial security. Contact us today to learn more about getting a life insurance policy in place.
How Much Life Insurance Do You Need
This is the common question that we hear a lot, and while we can give you some information about what others typically do, ultimately you will need to make the decision for how much life insurance you will need to be secure. Often the starting point is to have life insurance coverage in an amount that is roughly ten times what your income is. You can always have more, but often it is best to not go much less than this figure.
The next question you need to ask yourself and have a discussion about is what that money will be used for. Some people use the life insurance as a means to pay for funeral expenses, pay off bills, and other financial obligations that the family may have. Another scenario is to invest the proceeds of the life insurance and have it spin off money annually as a replacement for the missing income from the family member that passed away.
What Policy is The Right Answer
As we mentioned there are several different life insurance types available. Term life insurance is going to be the least expensive because all it does is provide protection during the period of time it is in force. Usually it is best to secure the longest time period available which is often 20 years but sometimes could be longer. Whole life insurance provides not only the life insurance protection but also builds a cash value over time. Whole life also lasts for as long as you continue to pay the premiums so it could run for 40 years or longer.
Having life insurance in place is a way to provide for your family when you are gone. It doesn’t replace your presence but provides a way for them to be okay financially regardless of where they live in Elkhart, Goshen, Middlebury, New Paris, Syracuse, and the surrounding areas. Contact our team at RMH Insurance today to get started on putting a life insurance policy in place.