One rule of thumb is to buy an amount of life insurance equal to five to seven times your annual income.
But the real question is how much your family will need when you're gone. That depends a lot on the family and what stage of life you're at.
When you plan to buy a life insurance policy, the factors to consider when deciding on the amount of coverage include funeral expenses, education loans, any pending mortgages or debts, and the financial support your family would need in your absence.
In addition, you want to take into account your current savings and goals for your family's future - for retirement, college for the kids, etc.
Five to ten times your annual income is the normally recommended amount suggested.
However, one way to decide is to use a life insurance needs calculator to estimate your current life insurance needs.
You answer some basic questions and the term life insurance calculator gives you an accurate estimate of your life insurance needs.
Insurance without any Medical Exam,
Just a Few Health Questions.
No comments:
Post a Comment