I was talking with a musician friend of mine a few weeks ago, and he had just performed a benefit concert for someone who had passed away suddenly. He left behind 2 young children and a wife. He was only 27 years old. He had no life insurance and they were in dire straits.

The reason for his passing is not important, but the lesson learned is extremely important. The average life expectancy is 76 for males and 81 for females. But we don’t know when our time is up. We have no control over that, but we do have control over how we take care of those left behind.

Unfortunately, many people only think of life insurance as something for older people. And sometimes the resulting procrastination leaves families with nothing.

Life insurance is not that expensive, especially when you purchase life insurance when you are younger.

How do you know how much life insurance you really need?

Consider the following…

  • Your mortgage payoff
  • Funeral costs (average funeral is $10,000)
  • People who depend on your current income
  • Current annual income
  • Current debt
  • Children’s education
  • Current investments/savings

Bottom line…your life insurance should be enough to replace the after tax income you would have earned over your lifetime had you lived to the typical life expectancy. For this reason, the amount of life insurance you need generally goes down as you age. Many people are “over insured” and paying too much for a policy they don’t really need.

Stop by our Farm Bureau Castle Heights office in Lebanon or call 615-453-9702 to get a free life insurance review. This is a no pressure evaluation of your life insurance needs. It is NOT a sales pitch. Our goal is to develop a certain level of trust with all our clients so they know they can trust us with all their insurance needs. You will receive a free Farmer Charlie cap just for stopping by.