When purchasing life insurance, the question really isn’t how much you need, but how much your family will need. That number can often depend on two variables:
1) How much will be needed to meet immediate obligations? This amount factors final expenses such as uncovered medical bills, funeral and estate-settling costs, outstanding debts, mortgage balance and other current funding needs.
2) How much future income is needed to sustain you family’s current lifestyle? Without your income your family will still need to pay for food, clothing, transportation and every other facet of life. How many years will your family need your income?
Look at the numbers as though your family had to retire today. If there was $1 million available to them, many experts would suggest that a $40,000 annual income stream could be spun off with relative safety. Is that enough? Or is the need greater?
Here’s the good news, while $1 million, $2 million or more of life insurance sounds expensive, it may not be. A healthy 40-year-old woman could purchase $1 million of life insurance for as little as $545 per year, and her healthy 40-year-old spouse could be covered for $635 per year. Combined, that’s about $3.25 a day.
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
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