Water Well Journal
Issue link: http://read.dmtmag.com/i/629532
An independent agent can be invaluable in helping you shop around for the best policy and the best insurance com- pany for your needs. Still, like the card player who trusts everyone in the game but wants to cut the cards anyway, you should shop around a little on your own. SelectQuote offers one way to shop around. They have a database of many major companies that sell low-load and agent-sold policies. You can get instant quotes and apply for a policy from its website (www.selectquote.com) free of charge and call (855) 487-5009 to get as much advice as you want. How much is enough? The most important issue when deciding on the amount of life insurance to buy is why you are buying it. Life insurance on your life obviously provides no benefit to you. It is for the sole purpose of providing financial relief for those of your survivors who depend on you for their support. The number of people and how much help they will need are the defining factors that determine how much insurance you should have. If you are single and have no one depending on you, you don't need life insurance—unless you want to buy a small policy to keep a family member from being stuck with your funeral expenses. On the other hand, if you have a wife and six children, they will suffer financially if you die and leave them without adequate coverage on your life. The need for coverage decreases sharply for most people as they grow older. Once your children have grown and you have accumulated a sizeable estate, you may find you need no life insurance at all. Obviously, then, variations on this theme are almost infi- nite. That's why no simple table or rule of thumb can be de- pended on to tell you how much insurance to buy. You should consult with your insurance agent, an accountant, and trusted family members in making this important decision. Information in this article is provided for educational and reference purposes only. It is not intended to provide specific advice or individual recommendations. Consult an accountant or tax adviser for advice regarding your particular situation. WWJ Bill Lynott is a management consultant, author, and lecturer who writes on business and financial topics for a number of publications. His book, Money: How to Make the Most of What You've Got, is available through any bookstore. You can reach him at wlynott@cs.com or through his website: www.blynott.com. Twitter @WaterWellJournl WWJ February 2016 47 Get Business Tools in the NGWA Bookstore Head to the NGWA Online Bookstore at the website of the National Ground Water Association when you're looking for your next business tool to aid your business. You can find cost calculators, contracts, best suggested practices, and more. The calculators are for water well drilling, pump installation, and geothermal drilling. Visit the Online Bookstore at www.NGWA.org when it's time to get your next business tool.