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

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

How Much Life Insurance Do You Need?

How do you decide ow much life insurance you need?

One of the most important parts of purchasing life insurance is deciding how much coverage to purchase. After all, you want to make sure your family has the coverage they need to be financially secure if you should pass away.

One way insurance agents decide how much coverage you need is to recommend you buy 7-10 times your annual income. This has been used for a number of years as an estimate of your life insurance needs. The only problem is that it doesn't really take into account your personal situation, your current savings, number of dependents, and how old they are.

However, now there is a life insurance needs estimator you can use online that asks you some basic questions about your personal situation and gives you an instant, accurate estimate of your life insurance needs based on your current financial condition and future financial needs for your family.

You can use this term life insurance calculator to quickly and easily determine how much life insurance you need before comparing your free life insurance quotes.

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

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.

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.

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.