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

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

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

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Four Needs Life Insurance Can Help Fulfill

Life Insurance May Be More Versatile Than You Think

Term Insurance: Big Protection at Affordable Rates

If You Are Entering a High Responsibility Portion of Life, Term Insurance May be the Answer

Funerals, Life Insurance and Flowers

How Funerals Have Changed in Recent Years

The Difference Between Burial Insurance and Life Insurance

Do You Have Sufficient Life Insurance for Your Situation?

Why a Million Dollar Life Insurance Policy May Not Be Enough

The Time When a Million Dollars in Life Insurance May Have Seemed a Bit Much

Creating a Life Insurance Inventory

What Do You Want Your Life Insurance Proceeds to Accomplish?

Life Insurance: Why Waiting Limits Your Options

Waiting to purchase life insurance just may limit your options. Here’s how to maximize your choices when buying life insurance.

Five Cents a Week for Life Insurance? Wait…There’s more!

There Was a Life Insurance Version of the Milk Man and Home Doctor Visit

The Difference Between Term Life Insurance and Permanent Life Insurance Explained

This is a Great Way to Start with Life Insurance

A Closer Look at the Life Insurance Waiver of Premium Benefit

Many Life Insurance Policies Contain a Powerful, Hidden Benefit

Leave a Comment