Talking with your spouse about death is not the best way to set the mood, but it’s a conversation that all married couples need to have.
If you happen to live in an Agatha Christie mystery novel, you should be suspicious if your spouse has taken out a life insurance policy. But, if you don’t live in a fiction book, having a spouse worried about their future is completely normal and means that you have a well-informed partner who knows what risks to take, and which ones to avoid. Here are questions you need to ask yourself if you have a family that is dependent on you for the mortgage, education, children, student loans, or anything else that falls within this realm.
How much should I buy?
When you are considering your life insurance options, it is best to just think of what your family would need if you were to suddenly die. It’s a bit dark, but it seriously is the best way. Replacing vital income is important, and so you should consider:
- How long it will take for a surviving partner to get to retirement or self-sufficiency. If your partner depends on you for part, or all, of your income you should determine how long it’ll be until they reach retirement.
- How long children may be dependent on the parents. Your children will certainly already be suffering, and any drastic changes may be detrimental to their grieving process. Kids cost money, and if your spouse can’t maintain their way of life it could damage them further.
- The cost of college for children. Tuition prices are looking higher and higher each year. Make sure that your children don’t have to worry about affording the college of their dreams.
- Household expenses and debts (including mortgage).
Life insurance is something all people need to make your passing as easy as possible. Don’t wait to contact Pierce Insurance Group in McKinney, Texas! We can help you get the right life insurance policy to protect your wallet in the present and your loved ones in the future.