If you have ever bought life insurance, you probably did so to ensure your spouse and children would be able to meet their financial obligations in the event of your early death. This protection is what life insurance was designed to do. However, what happens when your children grow up and move out of the house? Your Nieroda Insurance Agency representative can help you answer these and other questions about your existing or new life insurance policy in Saint Charles, MO.

How Long Do I Need to Keep My Life Insurance Policy?

Even after your children grow up and move out of your home in Saint Charles, MO, you may still have a substantial mortgage. At a minimum, you should consider keeping enough life insurance to cover your mortgage so that your spouse will be able to remain in the home after your death. So, what about after the mortgage is paid off? How much life insurance should you keep then?

This depends on how dependent your survivors are on your current income. Student loan debt, home repairs, and a thousand other expenses can crop up. Consult with your family and your Nieroda Insurance Agency representative before decided to lower or drop your life insurance.

How Much Life Insurance do I Need?

Even after you decide to keep your life insurance policy, you have to determine how much coverage you need under your changed circumstances. First, calculate how much income your dependents will require if you die. Upon your death, your beneficiaries get a lump sum and have to determine how best to use the money.

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Contact us online or call your Nieroda Insurance Agency representative today for information on all your life insurance needs.