Creating a Life Insurance Inventory

Creating a Life Insurance Inventory

A large factor in determining how much life insurance to acquire is having expectations for what you want the proceeds to accomplish. In other words, what do you intend your life insurance funds to pay for?

It can take a little time and some thought, but creating a life insurance inventory of your debts and wishes can be extremely helpful. Here’s what your “inventory” may include.

  • Final expenses. Whether you anticipate a traditional burial or cremation, final expenses can reach into the thousands of dollars. Paying for these expenses is the traditional basic use of life insurance.
  • Consumer Debt. You will likely want any credit cards and car payments to be cleared by the proceeds of your life insurance policy so be sure to include what you owe in your “inventory”.
  • Student Loans. You may owe a significant amount in student loans that life insurance can pay for upon your death. This is especially critical if you have student loan debts that someone else has co-signed for.
  • If you own a home, especially with a family, you will want to make sure they can stay in the home. Add the balance of your mortgage loan to be covered in the event of your death.
  • Potential Medical Expenses. It is possible an end of life illness or accident can leave significant medical debts.
  • College Fund. If you have young children you may wish to help provide for their college education should you no longer be around. This can be significant. Even if you can’t provide for full college funding, a significant start can be very beneficial.
  • Living expenses. A death in a family can be traumatic. When significant changes have to be made due to financial reasons, it can increase the stress and pressure. Providing for living expenses for a period of time can make a big difference.

It doesn’t take long to realize that you may want a significant amount of life insurance to completely cover your obligations and goals. The good news is we can help. Contact us for a no-obligation quote on a life insurance program to fit your needs and budget. Our independent agents can seek out quality coverage at a price you can afford. We look forward to assisting you.


Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Generic filters

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about
our blog writer?

Read more about KayLynn's background.

Search All Blogs

Generic filters

Read More Insurance Blogs

The Gift of Security: A Simple Guide to Life Insurance

An easy-to-understand guide to life insurance, explaining policy types and a simple way to calculate your needs.

Your Legacy, Your Promise: A Practical Guide to Life Insurance

A clear, practical guide to life insurance, explaining term vs. permanent policies and how to calculate your needs.

Straightforward Answers to Your Life Insurance Questions

Get quick, direct answers to your most common life insurance questions, including affordability and medical exams.

A Global Look at Life Insurance: Trends and Triumphs

From the U.S. to China, explore the surprising global trends and facts about life insurance.

Whole Life Insurance: Is it a Worthwhile Investment?

Confused about whole life insurance as an investment? We break down the unique benefits beyond a simple payout.

Confronting Your Fears: Practical Steps Towards a Fearless Life

Tired of being held back by fear? Discover actionable techniques to confront and conquer your anxieties.

Beyond “How Was Your Day?”: Engaging Your Kids with Deeper Questions

Get your kids talking with these open-ended questions.

Beyond the List: What Your Bucket List Really Says About You

The hidden meaning and power of your bucket list.

Board Game Wisdom: Timeless Classics Grandparents Teach Grandchildren

Grandparents, grandchildren, and classic board game fun.

Navigating Life Insurance: 5 Common Mistakes to Avoid for Your Financial Future

Avoid these 5 common mistakes when buying life insurance.