Get the Insurance You Need
One good way is to work with a financial professional who can help you through the whole thing. Lehigh Partners is your gateway to securing the life insurance you need. The important thing is to get started today.
Life Insurance Needs Assessment
Your estimated life insurance need:
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How much life insurance do I need?
Everybody needs a different amount of life insurance based on their own situation. Essentially, it boils down to how much money your family would need to stay financially secure if your income was no longer available.
How many years should income be provided after you’re gone?
Think about how long you’ll need the additional income to support you and your family. If you have children, that might be when your youngest child graduates high school or college, or longer.
How much debt would you like to pay off immediately?
Consider things like private student loans, credit card balances and car loans.
Will children require college funding?
Think of children that you would like to provide college funding for. The average cost of a 4-year college education in the USA varies significantly by state, with living costs for students ranging from $14,000 in Alabama to $19,000 in California in 2024.
How much would you like to set aside for an emergency fund?
If you don’t already have one, it’s a good idea to set aside at least three to six months’ worth of expenses in your emergency fund.
How much do I need for Final Expenses?
Final expense insurance recommendations suggest coverage between $5,000-$25,000, with $20,000 often recommended to cover funeral costs and medical expenses.
How much personal life insurance do you already have?
Do not include any life insurance policies you may have through work, since these policies will likely be eliminated when your job changes.