Individuals looking for life insurance frequently wonder what level of financial protection they should select for their families. Essentially, you must determine the amount of life insurance coverage required to maintain your family’s current standard of living.
Life Happens is a non-profit organization that educates and guides Americans in understanding and utilizing all types of insurance to protect their financial well-being. The website includes a free needs calculator where people can enter their personal financial information to get an idea of how much life insurance they will need to support their families.
Typically, industry experts will advise people to purchase a life insurance policy worth five to ten times their annual salary. Of course, everyone’s needs will differ depending on whether college tuition and care for elderly relatives are included.
According to Kiplinger.com, consumers should increase their coverage if they marry, buy a new home, or have a child. People on the verge of retirement should consider increasing their coverage to provide additional protection for their spouse, according to the financial news provider.
When determining one’s life insurance needs, Kiplinger recommends taking into account final expenses, mortgages, and income replacement.
Even those who do not have a spouse or children may benefit from life insurance because of the flexible benefits it provides, such as the ability to leave charitable contributions.
LifeQuotes’ knowledgeable, professional, and friendly licensed agents can guide you and provide you with free, no-obligation life insurance quotes from over 50 insurance companies nationwide for various term lengths, lifetime plans, and final expense products. Call us today at 1-800-556-9393, or fill out an application after receiving your own personal anonymous quote at LifeQuotes.com.
Want to learn more about life insurance? Read our article The Most Frequently Asked Life Insurance Questions.