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Palestra Financial

 

1904 Duck Slough Blvd

Trinity, FL 34655

 

Phone: (844) WHY-PLAN™

 

Website: www.PalestraFinancial.com

March/April 2020

Young Adults and Life Insurance

Young Adults and Life Insurance

How much life insurance should a person carry? The answer varies wildly, even among experts, but we know that “how much” changes as life changes. There are a variety of life circumstances that can influence your answer.


Some life insurances companies like to offer their rules of thumb, which can range from six to 12 times your annual income. While convenient, this rule doesn’t take into account the specifics of an individual life or family. You may have a special-needs child to support, a business to carry on or a spouse who is unable to provide financial support, increasing how much you need.


Generally, younger people have longer time horizons for which their families will need their income. During this time, your family may outgrow a house and children may head off to college, each with its own set of expenses. Even stay-at-home spouses offer financial help in the form of childcare and home care that you may have to pay for should the unthinkable occur.


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Securities offered through J.W. Cole Financial, Inc. (JWC) Member FINRA/SIPC. Advisory services offered through J.W. Cole Advisors, Inc. (JWCA). Palestra Financial and JWC/JWCA are unaffiliated entities.

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