Yes, since the extra money that you spend on premiums could be used for other things, such as investments, saving for retirement or college, and so on. You should buy only as much coverage as you really need.
It’s wise to periodically review your insurance coverage—especially if you undergo a significant life event (e.g., divorce, birth of a child, change in your financial situation)—to make sure that you have just the right amount of coverage and aren’t overinsured or underinsured.
The amount of life insurance you should have depends on several factors, including your income, assets, debts, expenses, and financial goals. You may want to consult an insurance professional to determine your optimum level of coverage.
If you have questions or need assistance, contact the Insurance Experts at Henssler Financial: 770-429-9166 or experts@henssler.com.
Disclosures:
The following information is reprinted with permission from Forefield, a division of Broadridge Financial Solutions, Inc. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.