When your husband or wife is dying in Corydon, IN, one of the last things you want to deal with is how you’ll support yourself and your family afterward. If you’re the family breadwinner, it’s important that you provide for your family by investing in a life insurance policy.

At least 40 percent of Americans do not have a life insurance policy, and when surveyed, the reason is usually that they assume it’s too expensive. Depending on the type of policy you choose, however, you could pay less than $50 per month. That’s a small price to pay to financially prepare your family for the worst-case scenario.

Here’s a brief overview of how to select your life insurance policy. The best way to do so is to talk to your insurance agent about what they offer.

How much money do you make per year? The normal rule of thumb is to buy coverage for about 10 to 20 times the amount you make. If you get life insurance through your employer, it might not cover that full amount, nor are these policies usually portable, meaning if you quit your job, you’ll need to find another plan elsewhere.

One way to deal with this is to get a plan outside your employer. If you have a financial planner, talk to them about what they recommend for your needs and expenses.

Speaking of expenses, you need to take those into account when selecting a life insurance policy. Do you want to make sure the house or the cars are paid off? Do you want to send your children to college? Make sure that the life insurance amount covers not only unexpected funeral expenses, but these major expenses plus enough for your spouse and children to live on after you’re gone. You might not need to set them up for life, but at least make sure they can fend for themselves for a few months to a year—especially if you are to die earlier than expected.

This is another good time to talk to your financial planner. They can help you make a plan so your family is well provided for in case the unimaginable happens.

Finally, make sure that you understand what kind of plan you’re signing up for, and how the costs might change as you get older. Know the difference between term life insurance and whole life insurance, and how that will affect your family. You should ask both your insurance agent and your financial planner what to expect, and take that into account when budgeting and planning for the future.

Leaving your family behind—especially at a young age—is unimaginable, but it happens every day. Getting life insurance for your husband or wife in Corydon, IN is one way to ensure that everyone is taken care of during their time of grief. Call Harvey Sarles Insurance Agency today to talk about life insurance plans.