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Households that feel they don’t have enough life insurance say most consumers should own enough life insurance to replace 6.8 years of income, yet only have enough to replace their own income for 2.6 years. LIMRA, U.S. Life Ownership Study, 2010


With that said, how much life insurance do you have?  There are many ways to decide how much you need, but the most important thing is that you have some.  

Here are some things to think about as you review your current situation.
1.  Mortgage/Rent amount (housing)
2.  Vehicle loans
3.  Credit Card Debt
4.  Student Loans
5.  Special Needs (baby sitters/care takers) 
6.  College savings
7.  Legacy (leave some for your children, church, organization- this is your choice and every personal feels differently)
8.  If your self employed, business loans


Now add all this up and subtract the life insurance you currently have.  If you have enough that is great, if there is an amount you still need then figure out how long you will need that amount.  This will also help you determine what kind of policy you need.  Term vs. Permanent.  If you think you only need it for another 10-20-30 years then term would be a good fit, if you feel that you need it longer or for the rest of your life, then Permanent is the way to go. There is the No Lapse Guarantee, Whole Life, and Universal Life policies.  

Your next step would be to find an amount that will fit your budget.  The key is to get life insurance!

If you would like help in figuring out how much you need or help with getting quotes, we at Gilles Insurance will be happy to help.  Give us a call 740-990-7107.

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