Life insurance protects your family’s future. But, as your family grows and changes, so do your life insurance needs. Periodically, you need to reassess and decide whether your current policy fits your family’s needs. Get 2014 off to a good start by updating your coverage to fit your lifestyle.
A simple formula can help. Multiply your family’s annual income by the number of years your responsibilities will go on. Most people choose either the year their children graduate college or the year their mortgage will be paid off. This figure will help you determine the size of the policy you need to keep your family comfortable no matter what happens. Many people also choose a larger policy to make sure there is something for retirement or an inheritance.