Term Life Insurance FAQ
COVERAGE NEEDS
Q. How much life insurance do I need?
A. While some insurance providers might issue a standard
response to this common question, we do things differently
at Matrix Direct. Since life insurance needs vary, this is
a basic question with a complicated answer.
How much life insurance you’ll need depends on a lot
of factors. Many people base their life insurance needs on
their income and debts. For example, an average family might
choose the coverage, or “face amount,” based on
five to ten times their gross income, plus their mortgage
and debts. But the question is, are you average? Probably
not. Your coverage should factor in lifestyle, financial goals,
debts and often-overlooked expenses, such as additional childcare
expenses.
When determining your coverage needs, consider the following:
- The size of your family and ages of your family members
- The standard of living you’ll want them to be able
to maintain
- The costs for childcare or care for an elderly parent,
if you are an in-home caregiver
- Future expenses such as educational, health or mortgage
costs
- Final expenses likely incurred at the time of your death,
including taxes, legal fees and funeral costs
Without talking to a licensed agent first, you may be signing up for too
much insurance or too little. Our licensed insurance specialists take the
time to talk to you — at no charge and with no pressure — about
your specific goals. We then issue a quote for precisely the amount of life
insurance you may need at a very competitive price.
Term life insurance is about peace of mind. To ensure you
get the secure peace of mind you deserve, it’s very
important that you receive thorough and complete information
from a knowledgeable insurance professional before you select
a coverage amount.
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