Follow this general equation to find your own target coverage amount:
(financial obligations - liquid assets).
1. Calculate obligations: Add your annual salary (times the number of years that you want to replace income) + your mortgage balance + your other debts + future needs such as college and funeral costs. If you’re a stay-at-home parent, include the cost of child care.
2. From that: subtract liquid assets such as: savings + existing college funds + current life insurance.
Life insurance is a great way to help prepare for life’s unexpected moments. Like most of us, you probably worry about the future. Can we pay off the house? Will my kids get a good education? Will they grow up healthy and happy?
Protect your loved ones by making sure they are provided for in case something should happen to you. At Kennedy Insurance, we offer term coverage, which protects your family and your home in the event of your death. Term coverage often provides the greatest amount of coverage for the lowest initial cost and is generally less expensive than permanent life insurance
Contact us today to request a free quote for Life Insurance, or any other insurance needs you may have.