How much life insurance is enough

Life insurance is something that can be awkward to talk about. It is, however, an important part of financial planning. The person to talk to about life insurance is one of the experienced agents at Chastain Agency Inc. in Gainesville, GA. We can help you to navigate the sometimes confusing world of insurance, including life coverage. 

Before you can determine how much life insurance you need, you need to ask yourself a few questions.

  • Do I have any outstanding debt?
  • Does anyone count on me for financial support?
  • Do I want to leave a legacy for my children or grandchildren?
  • Have I made arrangement for my final expenses? 

If you have no outstanding debt, no one counts on you for financial support, you don’t want to leave a legacy and you have already made your final arrangements then you do not need very much if any life insurance. If however, you do have outstanding debt such as a mortgage or credit card debt, you should have enough life insurance to pay them off. 

If you have a family that counts on your income you need to have enough life insurance to make sure that they can survive for at least a few years without you. You may also want to include enough to pay for college for children or grandchildren when determining the amount. 

At the very least, you should have enough life insurance to pay for your final expenses which these days can be quite a lot. You don’t want to add to your family’s grief with the burden of coming up with the necessary money to pay for your funeral. 

At the Chastain Agency Inc. in Gainesville, GA we have the information you need to make an educated decision about your life insurance. Stop by our office or give us a call. We will be happy to share our knowledge with you.