We have life insurance products for children and adults through multiple carriers. Let us help find the right product for your family and start protecting you today! Call Miller Williams Insurance for your free life insurance evaluation and quote.
How much do I need?
One of the biggest hurdles to purchasing life insurance is determining how much you need. Every person and family has a unique financial profile so there is no blanket answer for how much one person needs. You should also have a policy that is affordable so you can pay your premiums every month or year without risking a lapse. Listed below are a few suggestions on what you should consider when calculating how much life insurance you need.
According to the National Funeral Directors Association, the average cost for a funeral and burial in 2014 was $7181 (excluding costs for a plot and grave marker) while the average funeral with cremation was $6078.
Is someone else dependent on your income? This can be a spouse, child, parent, significant other, etc. When someone is dependent on your income, you will want to consider life insurance that includes a replacement of your income for a few years.
If you have children you may want to leave enough money to cover the cost of their education through college. Consider if you would like for them to attend private or public institutions and what the average expenses are.
What is the balance on your mortgage? Most spouses will want to leave enough life insurance to allow their husband or wife to pay off their mortgage so they can remain in the home.
If you have credit card debt, outstanding personal loans, financed vehicles or other debts, you may want to make sure these can be paid off after your death. If you become sick before you die there may also be extensive medical bills that accumulate as well.
Accelerated Death Benefit
Many life insurance carriers offer accelerated death benefit as an option to an insurance policy. With this feature, the insured person has the option to withdraw a portion of their death benefit if they become terminally ill. This can be used to pay for costly medical procedures or to fulfill lifelong dreams in their final months.
Child Term Rider
Consider adding a rider onto your policy that covers your children. Amounts available in $1000 increments and typically used to cover funeral expenses. Depending on the policy, the children may have the option to purchase additional insurance when they are an adult.
Insurance for a child
One of our favorite life insurance products for children is Grange’s First Step life insurance policy. It offers $25,000 in coverage to age 30 that can be purchased when the child is 15 days through 17 years.
- $70 annual premium for the duration of the policy
- Option to purchase additional insurance later without medical exams
- Easy 5 minute application