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Family in CarAfter buying life insurance, many people feel at ease, knowing their family is financially protected against the worst tragedy. But before committing to a policy, ask yourself the following questions so you get a good sense of your family’s financial position and the coverage you need.

How Much Will My Final Expenses Cost?

Amid your family's grief following your death, they will also be faced with the financial burden of paying for funeral services, a cemetery plot and headstone, all of which is almost certain to cost over $10,000. Your family may also be responsible for your uncovered medical bills. These expenses should be factored into the amount of life insurance you buy.

How Much Is Left On The Mortgage?

Providing your family with the means to keep a roof over their heads is one of the most important legacies to leave behind. Consider how long it will take to complete making monthly mortgage payments, along with other living expenses (electric, water, groceries, gasoline and more), when deciding on a coverage amount.

Do You Have Any Other Debt?

Similar to the previous question, you should also consider car loans, home equity loans, financing on furniture and any other debts your family will be responsible for after your death.

How Much Will My Children's Education Cost?

Many people wish to select a coverage amount great enough to help fund their children's college educations. Given the rising cost of attending college, you must consider the latest tuition statistics for both public and private schools (in and out of state). Other expenses to consider are dorm room and board, the possibility for scholarships and your childrens' ability to work part-time while taking classes.

Your independent insurance agent can discuss these factors with you. This way, you can rest assured, knowing the coverage amount you select will support your family should the worst happen. Online tools, such as the TCU Insurance Agency life insurance calculator can also help you determine how much coverage you need.

We're here to assist you. Call TCU Insurance Agency at (800) 772-8043 for more information on Indiana life insurance.
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