How to calculate the amount of life insurance you need...

If you die, how much money does your family need to survive? What costs will need to be taken into consideration? Should you get life insurance or just assume your spouse will remarry and everything will be fine?

These are all questions that we agents hear everyday. The best way to answer them is to get a rate quote and let an agent help you out but there are a few things to consider when purchasing life insurance. When an agent evaluates what your needs are they usually look for a couple of things:

1. The amount you own on your mortgage
2. How many children you have and the cost for college at the present time.
3. Funeral expenses.
4. Final medical expenses.
5. Debt expenses. Credit cards, car, boat, etc.
6. Future income for the family.

As you read that list you probably thinking "That is alot of money, how will I be able to afford life insurance for that amount of money?"

It's actually more affordable than you might think. Let's say for example that Bob wants coverage on him and his wife. He is the bread winner and she stays home with their three kids.

Here is his evaluation:

1. $225,000 loan on home
2. 3 kids (times) $50,000 for college = $150,000. They don't have to go to a large expensive school, but without Bob there working and helping them through college, anything is better than nothing/
3. $15,000 for Bob's funeral. 4. $50,000 for estimated hospital bills. 5. $75,000 in misc. debt 6. Now that the cars and mortgage are paid off that brings the monthly expenses down tremendously. Bob's income was $50,000 a year (times) 10 = $500,000

So for Bob to cover the needs of his family he would need about $1,000,000 in coverage. This can be as cheap as $40 a month to have that peace of mind knowing that his family would be taken care of after Bob's death.

To get your free evaluation, simply contact us for a rate quote by completing the form above. There's no obligation to purchase and you'll know how much coverage you need.

Posted on: 4/22/2010 by Cheap term life insurance.

Don't wait until it's too late...

Term life insurance is way affordable and the premiums are cheap! Get coverage for 10, 20, or 30 years and R.I.P. that your family is secure (pun intended). Life insurance in Utah is always cheaper when you purchase it when your are healthy. If you become sick or are in the hospital and want to purchase it, it might be too late. Our agents can provide the knowledge to direct you to the policy that meets your needs and the pricing that you can afford. Life insurance is inexpensive and most people delay purchasing it until who knows when. Get your rate request submitted today and see how easy it is to get and save with cheapinsuranceutah.com.

Posted on: 4/13/2010 by Family life insurance Utah.

New Low Term Life Insurance Rates!