Depending on your personal situation, you may need more, or less, than you may have expected.
How can you find out?
There are a few things you want to consider first.
How much money do you have saved? How many people rely on you for financial support, and how much do you earn. Also, how many years do you want to provide financial support for others?
There are two basic ways to determine your life insurance needs.
You can use 7-10 times your annual income as a guideline. If you make $50,000 per year, perhaps $500,000 would be the right amount of life insurance to provide financial security for your family. However, this does not take into account your savings.
Another way to decide is to use a life insurance calculator. How this works is you answer several questions about your current financial situation, and then the calculator gives you an instant, accurate estimate of your life insurance needs.
No matter what you do, before you buy life insurance, make sure you know how much coverage you need.
Why? because, you don't want to leave your family with less financial security than they really need, do you?
And, you don't want to pay more than you have to for life insurance coverage you don't really need.
Here's how you can find out how much life insurance you need.
Insurance without any Medical Exam,
Just a Few Health Questions.
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