How Do You Calculate Term Life Insurance Needs?
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaThe need for life insurance is a combination of what you owe and what those that you love will need if you predecease them. This calculation can be complicated or simple but it should recognize the needs of those who depend upon you. Since you indicated term insurance, the last factor is how long you will need the coverage.Answered on August 1, 2014flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.There are some life insurance calculators that you can use to determine how much term life insurance you need. http://www.lifehappens.org/ is a website that has free calculators designed to help you determine your term life insurance needs. Some people use the figure of 10 times their annual income.Answered on August 2, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! If you are going to use the term policy to cover a debt, like college expense, or your mortgage, then use that amount. If you are gambling on it covering your life, plan for 8-10 times your current salary, and cross your fingers that you and your demise time it well with your policy. Otherwise, all the money you put into the policy vanishes when it ends. Good luck, and thanks for asking!Answered on August 4, 2014flag this answer
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