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Armando Patino, LUTCF®, FSCP®
Financial Advisor
Prudential Advisors
1 Tower Center Blvd, 16th Floor
East Brunswick, NJ 08816
Phone: 908-368-1588
Cell: 201-290-1941
July/August 2024
Estimate the Coverage You Need
Have you put off buying life insurance* because you get stuck trying to determine the amount of coverage you need? Focusing on four basic needs will help you estimate the coverage that’s appropriate for you.
Final Expenses
Proceeds from a life insurance policy can be used to cover funerals, burials, and other final expenses and pay off any outstanding medical bills or debts you might have. The average cost of a traditional funeral and burial could run as high as $25,000. (Cremation services cost less.) The policy’s proceeds may also be available to your beneficiary sooner than if he or she waited for your estate to be settled.Education Expenses
Would your spouse be able to cover the costs of your children’s education if something were to happen to you? Estimating the future price of tuition and other expenses based on today’s prices can help you decide how much insurance you should purchase to cover all or a portion of the costs for each child. Remember to subtract any college savings you already have.Mortgage and Debts
A mortgage or home equity loan with many years before it’s paid off is another consideration when you’re determining the amount of life insurance coverage you need. Student loans, personal loans, unpaid medical bills and other large debts that would present a burden to your surviving family should also be included in your calculations.Income Replacement
How much money would your family require to maintain their current standard of living after these other financial needs have been met? Add that amount to your tally. You should now have a ballpark estimate of the amount of life insurance coverage that will protect your family’s finances.Both of You
Remember that both spouses should have life insurance coverage. Your financial professional can help you refine your estimates and shop for an affordable policy.*Applications for life insurance are subject to underwriting and require paid premiums for coverage. Accessing cash values may reduce the death benefit and policy values, trigger tax consequences, surrender fees, and charges, and may require additional premium payments to maintain the contract. Guarantees are based on the claims-paying ability of the issuer.
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