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Las Vegas Life InsuranceDetermining how much life insurance you and/or your spouse need can be somewhat difficult. You may need only one policy, but it is possible that more than one policy is needed. Below are a few things that may help you determine if one policy will provide enough coverage to meet your needs or if multiple policies would suit you better.

Income

When purchasing a life insurance policy, you will need to consider if you or your spouse are going to be able to work. The average policy pays roughly $50,000 per year to the surviving spouse. If your family is used to living on a yearly income of $100,000 and your spouse can make $50,000 per year, one policy may be enough fit your family’s needs perfectly. If your spouse is disabled or not able to make enough money to cover the loss of your income, you may want to consider purchasing multiple life insurance policies.

Length of Time

When purchasing life insurance, you need to consider the amount of time you project the money will need to cover. You want to be sure that your spouse isn’t forced to work for the remainder of his or her life after you pass. You want there to be enough money coming in that he or she can live comfortably and not have to worry about how the bills are going to be paid each month. It is ideal that your insurance premiums balance with the amount of money that your spouse is able to live on after you pass. You do not want to spend too much or too little on your insurance costs.

Do the Benefits Decrease?

You want to be sure to find out if the benefits decrease over time. There are some plans that cover a specified period of time and if you live past that time period, the benefits will start to decrease. It is important to talk to your insurance agent and be sure that you understand the ins and outs of your coverage options. You need to find out if the coverage can be cancelled by the company for negative results on a health exam and if the benefits decrease if you live past a particular age. You also want to find out if your premiums will stay the same year after year or if they will change. If they are subject to change, you should be certain you understand what could cause the change and if there is a way to avoid it.

To learn more about your Las Vegas life insurance options, call a Glory Insurance Group agent at 402-616-0889 now!
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