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There are several ways to determine what amount of life insurance is right for you. You may already know what you want or need. There may be a business or financial institution that has dictated your need.

However, if you need help in determining the proper amount, are at least two approaches. One is a "needs analysis", that takes your current financial situation and your long term desires for your family and calculates the need. The other calculator is a "human life value" that simply determines from an income & asset standpoint, what is your human life value. Equating a human life as a property, the human life value is the amount of insurance.
 
My personal preference would side with the "human life value" approach. For example, if you were going to insure a $1 million dollar building in case it burned down or was destroyed by a storm, how much would you insure it for? (not a trick question) Your answer would most likely be...$1 million dollars, right? Right. Well if that's the case for just some building, of course it should apply to you! So with the "human life value" approach, we try & determine what you are worth - as an income producer & provider- and help you find a plan to cover that amount.
 
Here is a neat little calculator (link to another site) we found that takes less than a minute to fill in the fields and give you a quick estimation of your human life value. After you see the number- just come back here to email or call us if you want to persue coverage or get more information!
 
HUMAN LIFE VALUE CALCULATOR - CLICK HERE!
 
 




Types of Life Insurance

There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.
Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.

Just remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet or talk with a qualified life insurance professional.

Call us today for a quote or for help in determining which plan will be right for you!

 

Rob Gravley
Rob Gravley Insurance
PO Box 1289
Greer, SC 29652

(864) 444-3652 (office)
(864) 877-5725 (fax)
EMAIL: robgravley@aol.com



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