page contents

Life Insurance is a Special Kind of Love
What would happen to the people you love if you were to die? That is usually the starting point for everyone considering whether or how much life insurance they might need. At Professional Benefit Solutions, the answer to whether or how much means it is time to get down to basic household finances.
Like weddings, funerals have also risen in cost with the average being between $8,000 to $27000. If you have that hidden in an emergency expenses bank account, that is great. However, most of us will need a resource that can help pay for those sudden large expenses. It is a good starting point for building the life insurance coverage.
The next set of questions have to do with what the financial needs of your family will be if you are not here. If you are the primary source of the family income, you will need to replace that amount for a while. You may want to support your surviving partner until he or she is at retirement age or perhaps until your partner is able to find work or go back to school to prepare for the workforce. If you are not a source of income to your family, what would need to be purchased if you were not at home to do it? Would your survivors need housekeeping help or babysitting or after school caregivers?
The other things to think about are your family’s current debt. What would you need to pay off the mortgage or a car or your credit cards? And what about future debts? Do you need to provide for college funds or to support an elderly parent?
Answering these sorts of questions can quickly give you an idea of the amount of life insurance you may need to protect the people you love.