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Tom Meaglia, ChFC®

Chartered Financial Consultant


Investment Advisor Representative

CA Insurance Lic. #0567507

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

Toll Free: 800-386-3700

Bus: 909-593-6105

Cell: 818-681-8600

Fax: 909-593-6120



March/April 2020

More or Less

More or Less

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. The important question to ask is, “How much insurance should you carry?” There are a variety of life circumstances that can influence your answer.

When You’re Younger
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.

When You’re Older
These and other child-rearing expenses can shrink as your children become adults, but don’t count on it. As evidence, you only need look at the financial support many parents offer their boomerang adult children, who may have trouble finding suitable employment. You may also carry a lot of debt when you’re older, which may have to be settled whether or not you’re here to pay it.

On the other hand, maybe your children made it financially on their own from the start, your mortgage is shrinking and your debt load is low. Your income, however, may be at its highest point as you near retirement. Your life insurance should reflect that.

Then, once you reach retirement, you may think about reducing your life insurance benefit. However, some retirees still carry life insurance that offers cash value to supplement their income. Others want to leave life insurance as a legacy for loved ones and favorite charities.

Applications for life insurance are subject to underwriting. No insurance coverage exists unless a policy is issued and the required premium to put it in force is paid.


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Investment advisory services offered through Fusion Capital Management, an SEC Registered Investment Advisor. 9111 Cypress Waters Blvd., Ste 140, Dallas, TX 75019.
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