Call Us 410-879-6383 ☰ ˟
Logo
Call Us 410-879-6383
  • Home
  • Get A Quote
    • Automobile
    • Business & CommercialImage of right arrow
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Business Owners (BOP) Quote Form
      • Builders Risk
      • Workers Compensation Quote
    • Homeowners
    • Life
  • Customer Service
    • Automobile
    • Business & CommercialImage of right arrow
      • Request ID Card for Commercial Auto Policy
      • Request General Liability Certificate of Insurance
    • Homeowners
  • Blog
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About Gray Insurance Group, Inc.
    • Location Map
    • Customer Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
Auto Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Learn More
Business Icon

Business

We browse through a wide variety of coverages and find the right one for you.

Learn More
Workers Comp Icon

Workers Comp

We browse through a wide variety of coverages and find the right one for you.

Learn More
Life Icon

Life

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Blog > Estimating Life Insurance Needs
WEDNESDAY, JULY 27, 2022

Estimating Life Insurance Needs

When selecting a life insurance policy, it's important to look at the facts. It's not easy to take the time to do so, but a few minutes invested now can help you ensure that your loved ones are well cared for if the worst occurs. One of the key decisions you will need to make is about the amount of coverage that’s ideal for your family. The more insurance you purchase, the more expensive the plan. However, you'll want to be sure enough coverage is in place to meet your family's needs. 

When considering life insurance needs, there are several things to consider. First, determine how long you feel your family will need financial support after your death. If you are the breadwinner for the family, you'll want to cover out your salary for a set amount of time. This may be a year or it may be ten. It depends on what you feel they need. life insurance spelled out in wood blocks

  • Estimate the length of time for which you hope to provide coverage.
  • Determine how much your salary would be during that time.
  • Consider additional amounts you feel are necessary, such as to cover child care costs so your spouse could work.
  • Factor in inflation. 

Next, consider what happens immediately if you were to die. Would your family have the financial support they need immediately to continue to make bill payments, keep the mortgage on track, pay for your final expenses and still meet other financial needs in the weeks before the life insurance pays out? Final expense insurance, a separate component of your life insurance plan, can provide a faster payout to meet these needs. Determine how much your loved ones need in that immediate timeframe of 30 to 60 days after death. 

Next, think about debts.. Do you want your life insurance plan to pay off your debt and mortgage to alleviate some of these concerns? You may want it to be large enough to put money aside for your child's college education. By taking the time to consider each of these components, you'll be able to make better decisions for your family going forward. 

We can provide a more personalized assessment. Call Gray Insurance Group for more information on Bel Air life insurance. 
Posted 12:44 PM

Tags: life insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020

  • insurance(22)
  • coverage(18)
  • policy(13)
  • business(11)
  • commercial(9)
  • homeowners(7)
  • owners(4)
  • bop(4)
  • auto(4)
  • liability(3)
  • life(3)
  • accident(3)
  • life insurance(3)
  • car(3)
  • workers(3)
  • compensation(3)
  • auto insurance(2)
  • whole(2)
  • terms(2)
  • builders(2)
  • risk(2)
  • retirement(2)
  • workers compensation(1)
  • general(1)
  • premiums(1)
  • vehicles(1)
  • property(1)
  • claims(1)
  • employee(1)
  • benefits(1)
  • small(1)
  • costs(1)
  • homeowners insurance(1)
  • business insurance(1)

View Mobile Version

Contact Us Today!
410-879-6383

Social Social

Resources

  • Products
  • Customer Service
  • Payment Options
  • Report a Claim
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

432 South Main Street, Suite B
Bel Air, MD 21014

Main Office: 410-879-6383 | Fax: 410-879-6385
© Copyright. All rights reserved. | Powered by Insurance Website Builder