The amount of life insurance a husband should have depends on the income of the husband, whether there are children, the age of the husband and his family, and whether he is the only breadwinner. If his goal is to put the children through college, pay off a mortgage, and provide enough income that his wife can stay home with the children, it will take a much higher face amount than the husband in his 50's with a wife working in a high income occupation and no children at home.
You might want to look at some life insurance calculators to help you determine your specific recommended amount, or call an agent to discuss this. It does not take long to figure out what face amount is best for each family, and is a decision that will impact your family for the rest of your life.
If a household has two wage earners and their household budget relies on both incomes then both need to be covered. That being said, a husband annual earning tied to as inflation rate of 3% is the most important defensive planning part of determining the amount of life insurance. Calculating his life expectancy based on family history and current health projections can create a baseline for planning purposes. Second to that are the family mortgage and all other debts. Third, future obligations like the children’s education and weddings. Fourth, covering all final medical expenses and funeral costs. We can determine how much life insurance you need.
If the household relies on both of you as wage earners, then both of you need life insurance. One major factor to consider is annual salary. You should get at least 3 - 5 times this number. Other things to consider is amount of debt (mortgage, credit, loans etc.), children's college tuition and any attained assets currently owned. All these things among others should be considered when figuring out how much life insurance should be purchased for the wage earner. This is why it is very important to speak to an Agent about purchasing Life Insurance.
Insurance Advisor, Lordship Insurance Services, California
It all depends on what he wants the insurance for. Husbands tend to have a lot that their income is dependent on (household, family, college dreams for children, etc) and as such the loss of his income can have devastating effects on a family. The amount of insurance he should have will depend on how much he currently earns and how much he has the potential to contribute to the continuation of the dreams for his family. I would suggest that both Husband and wife sit down with an Insurance Professional and come to a dollar amount of coverage they feel they would need to adequately fulfill their family wishes.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The amount of life insurance is dependent upon the amount of love he has for his family. If the husband were removed from the family what would be the difference in financial terms? How much money will it take to ease the family through the trauma of loss and see them onto the future that he envisioned for each one of them?
.JPG){kind=avatar}
You might want to look at some life insurance calculators to help you determine your specific recommended amount, or call an agent to discuss this. It does not take long to figure out what face amount is best for each family, and is a decision that will impact your family for the rest of your life.