Tom's Blog
This question is one that comes up quite regularly and is indeed a good one to ask! Purchasing a North Carolina life insurance policy provides protection for your family and those that depend on you financially, after you are gone, but how much life insurance do you need?
Consider This…
You are a 55-year-old man who is the breadwinner of your family, which consists of a stay at home wife and 3 small children. Without a warning, you die of a heart attack and now what? Will your wife have to go to work now? Who will take care of the 3 children? What will happen to your home if there isn’t enough money to pay the mortgage? These are legitimate questions you need to ask yourself because scenarios like this happen every day and you need to have the RIGHT amount of life insurance in place to protect your loved ones after your life has ended.
The death of the breadwinner takes an enormous emotional and financial toll on those family members remaining so having the RIGHT amount of life insurance will provide benefits to your family to help pay the mortgage, car payments, children’s education, etc.
One Size Does Not Fit All
The size of your life insurance policy is as unique as your life. Just because your next-door neighbor may have one life insurance policy for a certain amount does not mean that would work for you! There are certain factors that are specific to each person such as:
- Age
- Current health
- Annual income
- Number of children
- Age of children
- Living expenses (Ex: education, mortgage, car payments, etc.)
- And more!
When it comes to the amount of life insurance you need, it is best to contact one of our expert staff members here at Paramount Insurance Agency to discuss your specific needs. Call us at 866-869-3335 so we can work with you to find YOUR perfect fit.
Forget the Old “Rule of Thumb”
The old “rule of thumb” for deciding how much life insurance to purchase was 7x your annual income. Now we know this is incorrect! We, here at Paramount Insurance Agency, understand that the amount of life insurance you may need involves MANY more factors than just your annual income. You are unique and we can assist you in establishing a life insurance policy that is custom designed to fit your needs based on your life. You have worked hard to provide for your family TODAY, so prepare for and protect your family for the future! To get the right North Carolina life insurance protection, call NOW at 866-869-3335.
