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.

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Disclosure: Compensated Affiliate

How Do You Determine How Much Life Insurance You Need?

Where can I find out how much life insurance I need to protect my family?

In the past, life insurance agents would recommend that consumers purchase between 7-10 times their annual income in life insurance.

For instance, if you made $50,000 each year, they would recommend you carry at least $350,000 of life insurance. That way your family could invest that money and hopefully live off of the interest, using the interest on their investments to replace your income.

However, with interest rates so low now, it would take at least 20 times your annual income to replace your earnings if your beneficiary could get a return of 5% on their investments.

Today, their is a quick and easy method to use that takes into consideration your personal situation, including your investments, earnings, and financial needs for the future.

Now, you can use a life insurance needs calculator to come up with an accurate estimate of your life insurance needs.

You answer some basic questions about your financial situation and you get an instant estimate of your needs for life insurance.

Here's a term life insurance calculator you can use now, it only takes a minute.

Then when you are ready, you can request your free, instant term life insurance quotes from over 70 top-rated life insurers offering you savings up to 75%.

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