Reader’s Question:

Are the ages of my children important in determining how much life insurance coverage I need? What other things would I consider before I buy my life insurance policy here in to support my wife and kids?

Garrick

Houston, TX

Yes, the ages of your children should be considered when determining how much life insurance Houston, Texas you should purchase. If your children are still young, it means you need more money to look after them in the future. If they are old enough to support themselves, they might not need as much in the event that you pass away.

You have to take into account that if your children are below 10 years old, you would certainly like to ensure that your monthly income is covered 10 years after your death. If they are in their teenage years, you have to be certain that your life insurance Houston, Texas can support your family for five years at a minimum. If your children have already grown up, then you do not need as much life insurance. In case your children are all above the age of 18, you only have to take into account how much your wife needs.

When determining how much life insurance coverage to purchase, you also have to take into account whether your wife has a full-time or part-time job and how much percentage of the bills is paid through your salary. In case you and your wife combine your monthly incomes to pay for your bills, you have to take into account the percentage of the bills that is dependent on your salary. Even if your wife works full-time and has a salary that is equal to what you earn, your family might depend on both your incomes to pay your mortgage, loans, car financing, etc. In figuring out your life insurance needs, you have to calculate what your family spends and find out the amount of money your family needs outside your wife’s income so that they can live on for five years at a minimum.