What type of coverage do you need?

All right,you probably saw it coming like a flying bouquet at a reception. Wedding season is officially here.

Once the guests have gone home and the thank you notes are written, it’s time to start thinking about the future. Now that you’re building a life with someone else, what if the unthinkable happens? Could you or your spouse stay in your new home, keep the cars and pay the bills?

There is no risk in asking an insurance agent about life insurance. A 30-year term policy, for example, can inexpensively protect your home and lifestyle until the mortgage is paid and the kids (are you thinking about those little tykes yet?) are out of college.

If you already protect your auto and your home with ERIE, it makes sense to protect your loved ones through Erie Family Life Insurance, a member of the ERIE group of companies.*

How much is right for you?

There are many different tools and resources available to determine the appropriate coverage for your needs. Try our life insurance calculator online.

You can also employ the DIME method to help identify your expenses and estimate the amount of life insurance that’s right for you.

D—Death expenses. These include burial costs, unpaid medical bills not covered by insurance, credit card balances, emergency funds and any other short-term obligations.

I—Income replacement. If you’re the primary wage earner, how much income will your family need to carry on, assuming all the other expenses are paid?

M—Mortgage cancellation. Are you a homeowner? Chances are that your family will want to keep their home in the event of your death. If you are renting, set aside a rent payment fund for several years, or enough proceeds to buy a house.

E—Education fund. Do you plan to help pay for your children’s college education? Will your surviving spouse need to return to school?

Add the four amounts under each category to determine how much capital is needed to take care of your family. Then, subtract your present life insurance and other cash assets that could be used to pay for existing obligations.

The difference is the approximate amount of capital (life insurance) needed in order for your family to carry on.

Once you have a general idea of your needs, contact our agency to conduct a more thorough analysis of your specific financial objectives and let us design a plan of life insurance that’s right for you. Call 888.304.6678, visit us online at www.TheWeimerGroup.com, or stop in at one of our locations in Bucks and Montgomery Counties.

Posted 4:05 PM

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