How much life insurance should I carry?

How much life insurance do I really need, and how can I determine the right amount of life insurance for me?

The right amount of life insurance for you depends on your personal situation, and your goals you want to accomplish with your life insurance policy.

This means you need to take into consideration your current savings, your financial responsibilities, outstanding debt, and the people who rely on your for financial support.

Life insurance agents used to recommend their clients purchase 7-10 times their annual income to have enough money to leave to their family to replace their income, if invested wisely.

However, today there's a term life insurance calculator you can use that will give you an instant, accurate estimate of your life insurance needs.

You just answer some basic questions and the calculator let's you know what your life insurance needs are based on your current personal situation.

NEW! Here’s How to Buy up to $500,000 of Term Life
Insurance without any Medical Exam,
Just a Few Health Questions.



Disclosure: Compensated Affiliate

Why would someone in their 40s need life insurance more then someone in their 70s?

If you are in your 40's you may have different life insurance needs than someone who is in their 70's.

People in their 40's may have more financial responsibilities, such as, young children at home, own a house with a mortgage, and have less savings than someone in their 70's.

While a person in their 70's may have their home mortgage paid off, their kids grown and on their own, and have more money saved to pay for their final expenses.

That's why it's good idea to understand your financial situation and goals you want to accomplish with your life insurance policy before purchasing life insurance.

One way to find out what your life insurance need are is to use a life insurance calculator that asks you a few simple questions and quickly gives you an instant, accurate estimate of your life insurance needs.

In addition, you can compare life insurance quotes online from several insurers at once to help you find low cost coverage from a highly-rated insurance company.

NEW! Here’s How to Buy up to $500,000 of Term Life
Insurance without any Medical Exam,
Just a Few Health Questions.



Disclosure: Compensated Affiliate

How Much Life Insurance Should You Buy?

How do I decide how much life insurance I should buy?

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.

NEW! Here’s How to Buy up to $500,000 of Term Life
Insurance without any Medical Exam,
Just a Few Health Questions.



Disclosure: Compensated Affiliate

Life Insurance for Stay at Home Parent?

How Much life Insurance do you need for a stay at home parent?

Many families consider the purchase of life insurance for a stay at home parent.

Why? Just consider everything the stay at home parent does in your family? Consider all the errands run, the cooking, cleaning, watching the children, paying bills, taking care of all of the household business and activities on a daily basis.

Now consider paying someone to do all of these jobs if your spouse who stays at home is no longer there to do them.

When considering the right amount of life insurance for your a stay at home spouse, consider the following: The cost of final expenses, cost to pay someone to handle everything your stay at home parent does for the family.

One way to find out how much life insurance is needed is to use a term life insurance calculator.

You answer some basic questions and instantly receive an accurate estimate of your life insurance needs.

NEW! Here’s How to Buy up to $500,000 of Term Life
Insurance without any Medical Exam,
Just a Few Health Questions.

Tips to Decide How Much Life Insurance You Need?

How much life insurance do you need?

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.

NEW! Here’s How to Buy up to $500,000 of Term Life
Insurance without any Medical Exam,
Just a Few Health Questions.