Do I Really Need Life Insurance

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Do I Really Need Life Insurance
How do we determine the amount of life insurance coverage that an individual client needs? This is a question that far too many Americans don't have an answer for. Recent studies indicate that most adults lack the coverage necessary to protect their loved ones, and even worse, almost two-thirds admit that they don't even have a personal life insurance agent to help them find the coverage they need. These days, a careful planning session that includes a survivor needs analysis is a necessity-- and it isn't being treated thus. The result? Millions of Americans are going about their everyday lives, completely oblivious to the potentially disastrous consequences their families could face if their life were cut short. So, how much is enough? Clients are going to ask their life insurance agents this all the time. There are famous methods for determining client's life insurance needs, such as Capital Needs Analysis, Human Life Value, and Comprehensive Needs Analysis The real question, though, is not the whether or not the amount of life insurance coverage is enough, but whether the coverage itself is meeting your client's needs. During a survivor needs analysis session, some important factors individual to each client have to be considered, such as: Family Size Stage of Life Household Income Contribution Possibly more important, though, are the factors specific to the survivors, since any policy is about how to protect them after the loss of the insured. These factors include, but are not limited to: Living Expenses Immediate Cash Needs Debt and Mortgage Cancellation Income Replacement College Funding Needs Inflation and Time Value of Money Taxes Existing Savings Plans and Social Security Fact-Finding Analysis.