Get an instant quote, apply and enroll in life insurance. All from the comfort of your home. If you have questions, Julie Cardenas, one of our local agents can help.
Get an instant life insurance quote
You can now get an instant quote for life insurance online and still have Julie at Utah Avenue Insurance on your side. See your options and get a personalized quote with multiple coverage plans to choose from. Apply in minutes with our online application. It only takes about 10 minutes. If you still have questions about your options, a local agent at Utah Avenue Insurance can help you for free.
Julie Cardenas is one of our local Utah health insurance agents. She can help you understand the different types of life insurance and help find a plan that fits your needs. Her help is always free. Contact her today. Call/Text 801-609-8699 or schedule an appointment.
How to calculate how much life insurance you need
Estimating life insurance needs can be hard. Use these guidelines as a starting point.
Life insurance is typically bought to benefit the ones that you leave behind. Here are some considerations when deciding how much of a benefit you want to leave them.
Current Debt. This includes your mortgage, car loans, student loans, and credit card debt. This is the main reason people start looking for life insurance.
Replace your income. You only need to replace about 72% of your income because the average person uses about 28% of their income each year. For people who don't work, you'll still want to consider replacing income so you can stop working or how much you'll need for child care so that you can keep working.
Take out Child's Survivor Social Security benefits. This amount varies from person to person depending on how much you've paid into Social Security. For the average person who's paid into Social Security for 10 years, it's about $1000 per month. Children get this benefit until they are 18.
Fund funeral. Average cost of a funeral is about $7000-$12000. We suggest about $15,000 to take into account inflation and travel expenses.
Fund weddings. Add an extra $15000 for each child.
Fund college. Add an extra $25000 to $100,000 for each child. This can be used as a college fund or a down payment on a home for each child.
Fund an emergency account. You'll want to add about 3-6 months of income.
Fund widow's blackout period. This is the time between when your last child turns 18 and the time when your surviving spouse will retire, usually 67 years old. Multiply this number by 72% of your yearly income.
We hope this helps you consider what to include as far a death benefit. If you have more questions, one of our local agents can assist you for free. Our local Utah health insurance agents can help you understand the different types of life insurance and help find a plan that fits your needs. Our help is always free. Contact one of our local agents today. Call/Text 801-609-8699 or schedule an appointment.