How much life insurance should i have

how much life insurance should i have

The amount of term life insurance you need will depend on your specific situation and the reasons for buying the life insurance policy. One way to. show more The amount of term life insurance you need will depend on your specific situation and the reasons for buying the life insurance policy.

One way to decide how much term life insurance you should buy is to consider the needs of your family if you were to pass away prematurely.

Term Life insurance may provide financial security to meet many of your family’s needs by providing a fund they can use to:

Pay off an individual’s debts, such as medical bills, funeral expenses and health care costs

Pay for estate taxes and other expenses related to settling their estate

Provide a lifetime income for your spouse

Pay off an existing mortgage on your home

Pay for your children’s college education

Provide retirement funds for your spouse

Provide an adequate income for your

spouse to give your family time to adjust to a new standard of living without you or your income

Receive interest to provide money for some special need – such as travel, education or health care costs.

Provide a monthly income until your children are grown up and living on their own.

The future financial needs of your family should be a major consideration in deciding the right amount of term life insurance to provide the financial security they deserve.

Another contributing factor is the amount of your annual salary. In addition, your family’s style of living they are accustomed to, your monthly expenses and future financial goals, such as, college tuition, retirement funding, vacations and living expenses.

To quickly and easily find out how much life insurance is right for you try this life insurance calculator at http://www.term-life-online.com/term-lif.

I hope that helps! Best of luck to you.

Source(s): 18 years experience in the Insurance Industry.

Hadley · 8 years ago

Source: answers.yahoo.com

Category: Insurance

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