Make an appointment with your life insurance agent at Vargas & Vargas Insurance to determine the policy benefit your life insurance should provide. We help Dorchester, MA, residents ensure that their life insurance adequately covers the needs of their beneficiaries.
Make a List of Big Things Your Spouse Would Need to Pay Off
Base your life insurance policy benefits on the needs your family would have to cover if you died. Make a list of things your spouse would have to pay for alone if you died. This list might include paying off your mortgage, putting your children through private school and college, and paying off any auto loans your family has open. Your credit card bills and other loans belong on this list, too.
Determine the Loss of Your Annual Income
Your benefits amount should factor in how many years your spouse would potentially live. While your spouse might also maintain a career, a life insurance policy should cover the difference the loss of your income would make. That would ensure your family could continue to live at its current level when you die.
Record Activities You Handle for Your Family
Finally, consider the things you do for your family that they would need to hire another person to do if you died. That might include lawn care, child care, meal preparation, or home repairs.
Parental Care Needs
All of these items vary by person. No two people have the exact same situation, so each person needs to calculate their life insurance needs. If your parents are still living, consider the benefits they would need as they age that they would lose if you passed away. Today, many aging parents move into an addition at their child’s home or relocate to an assisted living center near their child and grandchildren. They may need help paying for this elder care or medical assistance in the house.
Contact Vargas & Vargas Insurance for Life Insurance
At Vargas & Vargas Insurance, we understand the complexities of insurance and work hard to simplify them for our Dorchester, MA clients. Contact us to determine how much life insurance coverage you need based on your family composition and potential beneficiaries.