Reader’s Question:

Hi I’m looking to purchase life insurance here in Washington. How will I know I am not paying more than I should? The cheaper, the better.

Summer

Seattle, WA

Summer, that is a very intelligent question. It is actually what anyone should first ask him or herself before buying a life insurance policy. In truth, it is not really a question of how you are worth, but of how much you need.

To answer this question, ask yourself, “How much does my family and loved ones really need after I pass away?”

Take into consideration things like unpaid house mortgages, the amount still needed to cover that balance for your house, or your children’s college fund, in case you want to make sure that they can afford to go to college, or if you own a business, what monetary consequences it will have to your family in the event of your death.

Summer, whatever considerations you take into account, try to express them in monetary figures. This way, you will have an easier way of estimating how much face value coverage you should get. For example, you need $30,000 to fully pay for your house, another $30,000 for the college fund, $15,000 to cover personal loans you and your husband made, and then $100,000 cash money for your family to live on when you’re gone. Basing on these figures, you estimated that you need at least a 175,000-dollar coverage.

Now, if this coverage is already too expensive for you, then don’t be discouraged and just get a cheaper policy that your budget now can afford since you can always upgrade when conditions are different.

Be sure to call your life insurance agent in Seattle and ask him or her to show you more ways to get the coverage you want that will fit your budget.

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