We’ve discussed the different types of life insurance that you can invest in, and we have also discussed calculating the correct policy amount and payment that your loved ones would need in the event that you passed away. Calculating this number is rather simple, however knowing the different categories of your financial calculations is vital in achieving the correct amount of insurance that your family will need.
Luckily for you, we’re the very best when it comes to CT General Life Insurance, so we’ve taken on the work for you and spelled out anything and everything that you would need to know about calculating the correct amount of coverage:
-Final Expenses: These are any medical bills that have yet to be paid, funeral costs, and any estate settlement fees.
– Funding Your Children’s Education: This is crucial for the proper development of your children. Make sure to estimate the total cost of tuition, room & board, and any other expenses that your children may need assistance with.
– Any Savings accounts or investment funds? Make sure that you have these squared away. These include mutual funds, money market accounts, bonds, and stocks, and don’t forget your retirement funds like 401(k)’s or IRAs.
-Annual Income: Figure out how much your family would need on a yearly basis without you around in order to maintain their lifestyle.
–Life insurance in force. This encompasses all policies, coverage through employment, or any other insurance that is payable to your family.
So hopefully this cleared the air on any other questions you may have about CT General Life Insurance. If you have any more questions, please don’t hesitate to call any one of our insurance experts at Paradiso Insurance! Stop in if you’d like- we’re only down on East Main Street, right in the heart of downtown Stafford Springs!