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Life Insurance Questions: How to Make the Best Decision For You

Making the decision to purchase life insurance isn’t always easy. Maybe you’ve been putting it off because of things you are unsure of. When you buy a car, you do some research, when you are buying life insurance, you should do the same thing. It’s important to educate yourself when you’re making an important purchase and, in this case, protecting your family.

At Quotacy, we believe everyone who has a need for life insurance should be covered. We also believe that you should know what you’re buying when you decide to purchase a policy. Transparency and education are crucial.

We’ve put together a list of some of the most common (and imperative) questions you should think about when purchasing life insurance.

How much life insurance do I need?

Determining how much life insurance you need is one of the biggest questions and it’s fairly simple to calculate. Ask yourself these questions:

  • How much monthly income will your loved ones need?
    How much are you providing to your family with your monthly paycheck? Take that amount into consideration when determining your coverage.
  • How much debt do you want paid off?
    Your debt may include your mortgage, car loans, student loans, credit card debt or any other loans you may have. Factor these debts into your total coverage amount.
  • Besides debt, what other financial obligations should be considered?
  • Some overlooked expenses include: childcare costs, your children’s college education, your family’s health care coverage. These are all valid and important expenses that you may want to include when determining your coverage amount.

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