This FEMER is NOT the strongest bone in your body, but it is the strongest formula to keep you protected – long term.
You plan for everything. Your career, your family, your home expenses, your children and grandchildren – your future. It’s hard to imagine that your future may not include YOU. These unforeseen circumstances happen every day. If your family suddenly had to continue without you – could you say confidently that they have everything they need to live comfortably?
If you have considered a life insurance policy to help protect your loved-ones, then you are moving in the right direction. To figure out how much your family would require continuing to live the same lifestyle you all enjoy today, use the following formula to determine precisely what those needs would be.
F
Final Expense – The average funeral and burial costs range from $8,000 to $10,000 for the most basic services. Additionally, any outstanding credit card debt, and some types of loans may also need to be re-paid at that time. Without life insurance, your family would likely have to pay these expenses out of their own pocket.
E
Emergency Fund – Many families do not save enough money to get them through the next six-months, let alone cover their monthly expenses for an extended period. As part of your planning, it is best to obtain a policy which might cover a full two-years’ worth of total family expenses. This allows for those left behind to transition into a new life, with less stress and strain during the mourning period.
M
Mortgage – The death benefit can aid with things like mortgage payments, care of disabled loved ones and basic needs like food and child care. Review your mortgage commitments and plan for enough to carry your family through – or pay the home off entirely if possible.
E
Education – As a parent you of course want the best for your child. This includes ensuring a successful future – which will likely include some higher education. While most students maintain part-time employment while in college, the loss of a parent may force them into a more full-time job. A proper life insurance policy allows your children to focus full-time on getting that diploma sooner rather than later, and not having to choose between going to class or holding down a job.
R
Retirement – What would your spouse do without you – or the social security benefits you both planned on should you no longer be alive to collect them. Planning now for your spouse’s financial future if you were not here to help support them starts with a carefully selected life policy.
Once you have considered all the items just mentioned, you can better calculate the amount of money your family will need to live out the family dreams. You can tailor your policy to meet specific needs of your family, and account for unique nuances your family may require. A life insurance policy can help give you peace of mind that your affairs are taken care of no matter the needs of the family.
To help you better plan for your future, and the security and safety of your family, Brownell Insurance is offering a FREE no obligation consultation. Email Marie for more information or to schedule a time to speak. Marie@brownellinsurance.com.
Home Security
If you are like many Americans, you have been meaning to create a home inventory to catalogue your belongings in case of fire, flood or other catastrophe. Sure, there are checklists available to make it a bit easier but finding the time to do a walk through and create the lists can be a challenge. Here are 5 tips to make it easier for you to get started…
