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"How Much Do I Need?"
This is the most common question we receive about life insurance. So, what is the answer…. “I don’t know, let’s talk about YOU”. The answer lies in a conversation between you and your agent. Specifically talking through your short-term and long-term needs. One of the standard answers you hear is “10x your salary” and boom your needs are met. Pulling arbitrary numbers out of the air or just looking at one aspect of your life like your income is not the best solution. Life Insurance is not a cookie cutter approach, and one policy doesn’t always fit for your duration of life. Maybe you just bought your first house, maybe you just had your first child, maybe you just got a promotion at work, maybe your kids have grown up and moved out…. As your season of life changes, so does your life insurance needs.
When was the last time you sat down with your spouse to review your short-term and long-term needs? Our next recommendation is to bring this conversation to your agent… not just once, but periodically as life changes. This is a crucial part of planning and an important part of protecting your family.
Business Owners & Farmers
The “How Much” question can be even more complicated.
If you are the owner of a business or farmer these questions need to be in your conversation:
- What is your perpetuation plan? Who is the next generation? How are they going to pay for the business?
- OR even worse, how is the next going to pay the Estate Taxes? Keep in mind, estate taxation has different looks through different political administrations, thus the importance periodically reviewing your life insurance.
- Do you have key employees or top talent you are fearful of losing to the competitive job market?
Burkhart Insurance strives to listen to our clients and continue to provide risk management as your season of life changes. We want to think strategically with you!
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