Is Your Life Insurance Policy Lacking? Sole Breadwinner Tips

Factors That Impact Life Insurance > Single Income Household

In this series of articles, we’ve explored potential reasons that your life insurance policy might be lacking – that is, if you carry one at all. Whether your life is evolving or you want to save money wherever possible, it’s understandable that whatever existing Windham County Life Insurance policy you have might not offer the most adequate coverage. In this final blog, we’re going to make a case for life insurance as the sole breadwinner in your family.

Like we mentioned in our previous post, unless you have enough money in savings and you’re self-insured, life insurance will be a huge benefit to you and your beneficiaries. Analyze your financial needs first. According to JRC, consider the following questions:

• What percentage of your income needs to be replaced?  (For most people, it’s 50%-80%)
• How many years will this income need to be replaced?
• Do you have any debt? (Mortgage, car note, medical bills, etc.)
• Are you funding college tuition?
• Final expenses (Burial Policy)
• What kind of emergency funds will make you feel comfortable?

Often, people assume that life insurance should make the loved ones they left behind even more wealthy than they were when the breadwinner was alive. However, this isn’t the case. While you can purchase life insurance to cover more than you made, the purpose of life insurance is to simply replace the income lost, especially if you have children, as maintaining their lifestyles and standard of living is ideal.

 

To determine just how much you need, you can answer the questions above and speak to your trusted and local insurance agent. Life insurance can be tricky, and finding the right policy that is fit for you can be stressful. However, it doesn’t have to be – that’s where experts come in.

About Byrnes Agency

At Byrnes Agency, we can help you decide the type of Life policy that suits your needs. Our life insurance specialists can help you find the right type of policy so you don’t buy more or less coverage than you and your family really need. For more information, contact us today at one of our two locations.

If you’ve enjoyed what you’ve read here and would like to know when we’ve published a new blog post, please “like” us on our Facebook page, and share this with your Connecticut neighbors. 

Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

…………………………………………………………………………………………………………

Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm