Making sure that your loved ones are absolutely taken care of is something that Centric Capital takes very seriously.
According to a LIMRA study, 30% of US households have no life insurance. If you have a family that relies on your income, it’s critical to know what their needs would be in event of your death. From our experience, of the 70% that do have life insurance, half of those people are under-insured.
To get a better idea, take a DNA test, or Detailed Needs Analysis. A DNA test looks at your needs and obligations and then subtracts your liquid assets. Short term, how much cash will it take to funeral expenses, final medical bills and any outstanding debts, such as credit cards?
Longer term, what will it cost your family to maintain it’s current lifestyle. Consider housing, food, clothing and extras, like travel and entertainment. Next, add up potential obligations. What new commitments may come in the future? These can include college funding and caring for aging parents.
Take all of these costs and subtract your current liquid assets, which is the money you can get to right away. You may get an idea of the amount of life insurance coverage you might need.
If something happens to you, do you want the people you love to be protected? It may be time for a DNA test.
If you would like to learn more about this topic, please feel free to download our whitepaper or schedule a consultation where we would be happy to explain more to about this.
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