Month: December 2020

Taking out a life insurance policy is something you need to do to ensure that your family receives financial support in the future, even if you pass away unexpectedly. At Allen & Associates Insurance Inc., we are a provider of life insurance in Albany, OR.

How many dependents you have

The more dependents you have, the more life insurance coverage you need. Every dependent increases the amount of money that those who are financially dependent on you will need.

Remember to consider your spouse’s financial needs, in addition to the financial needs of your children. If you make most of the family’s money, your spouse might also be depending on you financially. You’ll therefore need to increase your coverage amount to account for the needs of your spouse as well as your dependent children. 

How long you will financially support your dependents

The younger your children are, the longer they’re going to be financially dependent on you. Therefore, you’ll need more coverage if your children are still infants than you might need for a dependent who is in college or who will soon be graduating from high school. 

Any savings you have

Savings can reduce the amount of life insurance you need. If you have a significant amount of money in savings, this money can go to your dependents to provide financial support in addition to the death benefit of your life insurance policy.

When factoring in savings, also consider any debts you have. Creditors could get access to your savings accounts to satisfy your debt after you pass away. Remember this when factoring savings into your life insurance coverage needs. 

Contact us to learn more about life insurance. We’re here to help consumers in Albany, OR meet their life insurance needs at Allen & Associates Insurance Inc.