Membership Matters: Life Insurance, How much is enough?

By Peggy Jo Goodfellow, Arizona Farm Bureau: When did you purchase your current life insurance policy? Maybe it was when you got married or at the birth of your first child or because it seemed like a good idea when choosing your employee benefits. In my case it was a health scare that prompted me to purchase life insurance.

Whatever the reason, your life insurance will help protect your loved ones in the event of your death. The question is, is it enough?

If you have coverage, your loved ones could benefit from having more. Here are a few things to consider when deciding on how much coverage:

  • What would happen if your income suddenly stopped in the event of your unexpected death?
  • How would your family handle expenses for essentials – home, car(s) food, clothing, healthcare, retirement savings, paying off loans?
  • Would there be any money left for non-essentials like entertainment or travel?

The financial strain from the loss of your income shouldn’t have to add to the stress your family would face in losing you. Having enough life insurance can help ensure the people you care about will be provided for financially, even if you’re not there to care for them yourself.

So how do you know how much life insurance you need?

The answer is very personal and your needs will likely change during your lifetime. If you are a Farm Bureau member your Farm Bureau Financial Services agent will work with you to determine your needs and find the policy that’s best for your unique combination of current financial responsibilities and future goals, such as funding a college education for a child or a comfortable retirement for your spouse.

Source: John Kisner, Regional Life Sales Advisor of Farm Bureau Financial Services.

Editor’s note: For more information on our member benefits including our regional benefits go to Arizona Farm Bureau’s member benefits page online. Or, download the Member Benefits app to your smart phone for easy, everyday access to your benefits.

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