Agent Owner, Gilmore Insurance Services, Marysville, Washington State
At least enough to cover the cost of taking care of your situation if it happens along with enough to prevent this tragedy from becoming a double whammy for the people who love you and will be the ones cleaning up your business behind you.
As a young single man I carried around 50k of life insurance at 19. Why? I didn't want my parents who were the people who would have to take care of my stuff I left behind to suffer any financial hardship to do so. Imagine your mom, already dealing with the loss of you, having to also deal with the cost of a service for you, loss of wages from work and other costs. Long before I became an insurance agent I loved my mom enough to not want to make my death even worse for her than it could be.
You can apply that thought towards anybody that loves you and will be that person or persons having to deal with your loss. Hopefully, you matter to somebody. That's what you're doing it for.
At a minimum carry enough to account for your responsibilities and to cover the loss other people will have to take on to deal with your loss. Your loss is hard enough to the people that love you. Don't make it worse.
The amount of life insurance required by a single person is determined by the purpose for their coverage. E.g. If they would like it to pay for outstanding debt at the time of their debt, they would want to get a policy with a face amount that covers that. If they want their policy to pay for their funeral, they would need a final expense policy of that amount.
There are many ways that life insurance can be used to settle affairs upon the death of a single person. Because it does not have to go through probate, many single people find life insurance to be a simple and effective way of handling their estates.
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As a young single man I carried around 50k of life insurance at 19. Why? I didn't want my parents who were the people who would have to take care of my stuff I left behind to suffer any financial hardship to do so. Imagine your mom, already dealing with the loss of you, having to also deal with the cost of a service for you, loss of wages from work and other costs. Long before I became an insurance agent I loved my mom enough to not want to make my death even worse for her than it could be.
You can apply that thought towards anybody that loves you and will be that person or persons having to deal with your loss. Hopefully, you matter to somebody. That's what you're doing it for.
At a minimum carry enough to account for your responsibilities and to cover the loss other people will have to take on to deal with your loss. Your loss is hard enough to the people that love you. Don't make it worse.
There are many ways that life insurance can be used to settle affairs upon the death of a single person. Because it does not have to go through probate, many single people find life insurance to be a simple and effective way of handling their estates.