Personal Lines of Credit: How Local Community Banks Serve You Better Get Your Teen Started on the Right Financial Foot Now's the Best Time to Save for College 6 Financial Tips for Newlyweds Cut the Cake and Your Wedding Expenses 8 Things to Remember When Buying Your First Home What is a CD ladder and why should you have one The feature you could be missing out on Spot and avoid email scams Optimizing resources Stabilize your income with crop insurance The best tenant: you! Skip daily trips to the bank Secure transactions Locking in a mortgage rate Lower your mortgage payment Do you need renter's insurance? Cash where you need it Protecting your credit card activities Save for a vacation you can afford A simple way to prepare for 2019 Spreading holiday cheer Shop smart this holiday season Make holiday shopping simple Marriage and money Sustainability in action Tap equity for winter remodel When to consolidate debt Is your coverage complete? Insuring your student is covered It can pay to buy Financial planning for every age Evaluating a home's foundation Spring clean your finances Tap into your home’s equity Kick credit card debt Cozy up to a winter mortgage Resolve to save more Snow bird safety tips Saving this holiday season Lessons outside the classroom Go farther with an auto loan Tips for smart college borrowing A mortgage term you can afford Five tips for a bigger down payment Tapping the equity in your home Money matters when a loved one passes Security for your sale proceeds An auto loan to take you farther What to consider when building Make your tax refund work for you Why life insurance coverage may be crucial Let your home take you farther Lower premiums could make homeownership possible Year-round tax savings tips Are you taking full advantage of your high-deductible plan? Low mortgage rates make winter financing attractive Divorce and money Planning a vacation – save now or pay more later Understanding Auto Insurance 7 Tips For Getting a Mortgage

Planning now for your and your family’s future can help protect you and keep them financially secure if you’re not there to take care of them.

If you’re not sure if life insurance is right for you, ask yourself:

  • If I die tomorrow, how would my family be impacted financially?
  • Could my family afford our home?
  • Would my family have money to manage daily living costs and be able to cover my final expenses?
  • Without protection, will I leave my family in debt or financial risk?

If you have loved ones who need the financial support you provide and will provide in the future, consider life insurance to make sure they will be adequately cared for and protected. When determining how much coverage you need, ask yourself how much would your loved ones need to maintain the financial lifestyle they would have if you were still living.

One rule of thumb is to have a policy that would pay six to eight times your pretax income if you die. But, many find they need more than that. If you have young children and want them to be able to afford college educations, you may want more. If you are older and have already accumulated substantial wealth, you may be able to decrease your life insurance as you consider it a component of your total estate plan. A more detailed determination of the amount of life insurance you need should take into account the following items:

  • Your family's cost of living
  • Income from earnings of the surviving spouse
  • Benefits from Social Security
  • Investments and additional income
  • Life expectancies
  • Special needs for college, etc.

Even if you have coverage through an employer, it may not be enough. Consider if you were to get sick for an extended period of time. If you used up all of your sick leave and then passed away, you may be left without a death benefit because you technically may not be employed anymore. Having additional life insurance helps ensure your family isn’t put in a difficult position such as this.

Talk with a Starion Insurance agent for help making an accurate estimate. When in doubt, it is likely better to err on the high side rather than leaving your family under protected.