A detailed needs analysis
If you were to die tomorrow, your life insurance could provide the people who depend on you the most for financial support with enough cash to pay support their current standard of living. If you don't have enough coverage, your loved ones may suffer financial hardship. Thankfully, there is an easy way to estimate how much life insurance you may need. Enter the detailed needs analysis (DNA).
A DNA is a simple way to gauge how much life insurance you may need. It works by carefully considering your individual needs and obligations, as well as your current assets. It can provide you with a calculated snapshot of how much life insurance you may need so that if you weren't here tomorrow, your family would have the money for both short and long-term needs. That's putting cash into their pockets for immediate costs that include final expenses and medical bills, as well as money for ongoing needs such as food, clothing, and housing. A DNA test considers a variety of factors such as:
- Age of your spouse and children
to help you estimate how many years of income replacement your loved ones may need if you were to die.
- Mortgage and other debts
so that your family can settle outstanding debts such as a house payment, vehicle loan, etc. and not have the added financial stress of debt.
- College expenses
to ensure that the money is there for your children so their dreams don't die with you.
- Your current income
so that your family will have the needed funds to live the lifestyle that they have been accustomed to.
- Funeral and final expenses
to ensure that readily available funds to cover the cost of your funeral, burial, and possibly outstanding medical bills so your family isn't stuck with the bill.
At Protective Life, we understand that everyone has different life insurance needs and that no two DNA tests are alike. If you're in need of an insurance DNA, just pick up the phone and a Protective Life representative will help you calculate how much life insurance coverage you may need. And, if you want a quick and easy way to estimate your life insurance needs, try our Life Insurance Needs Calculator. Simply tell us a little about yourself and we'll help you find out how much life insurance you may need.