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Why Get Life Inssurance

Income replacement and life insurance

Your income is one of your greatest financial assets. If you were gone tomorrow, would your family and loved ones have enough financial security to live comfortably? Income replacement provided by life insurance can provide peace of mind for you and your loved ones.
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Factor in ongoing living expenses

Nowadays many households need two incomes to cover their main expenses. Ideally, you also have some left over to tuck away in an emergency fund and save for things such as retirement and college.

Income

Keep in mind there isn’t a standard formula: What works for one may not work for another. For instance, someone with older dependents may not need to calculate as many years of income replacement as someone with young dependents.

Food

However, it could be a starting point to help you determine how much life insurance coverage you would need to replace your income and pay off your debts and final expenses.

Clothing

The important thing to remember: Consider both your immediate and future needs. You can pencil these figures out yourself, or try using the Protective Insurance Calculator.

The importance of income replacement

Some people may not realize the immediate financial benefits that a life insurance policy can bring to a family when a loved one dies and a regular stream of income ends. Income replacement can make up the largest portion of your life insurance policy.

Do the math

How much annual income would your loved ones need to maintain their lifestyle if you died tomorrow? 

1. Use a life insurance calculator to estimate how much coverage you’ll need to replace your income.

2. Add to this figure final expenses such as funeral, burial, and outstanding medical bills.

3. Add up your total debt including mortgage, car loans, credit card, and student loans.

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Angel Moreno

President/CEO

  • (833)799-4800
  • angel@metagens.co
  • 17875 Von Karman Ave., Suite 150, Irvine, CA

Meta Gen
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