That really depends on your current situation. Are you married? Do you have children? A mortgage? Do you support your parents? If you weren't around any more, how difficult would it be for your family to survive?
One way to look at how much life insurance to get is to figure out how much of your income your family needs each month (include things that you do that they may now have to hire people for) and how long they will need it. (For instance until your kids are through school). That is how much life insurance you need.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Determine who you love. How would your unexpected passing affect them? Would you be leaving behind obligations that they could not bear alone? Would the loss of your income affect their lives? Would they have the same future that you wanted to give them? Then go back to the original question, "how much do you love them?"
The most typical life insurance is term, which is used for covering specific needs that will disappear with time, such as:
- Income replacement
- Financial security for dependents
- Mortgage protection
- College funding for children
- Final/burial expenses
If none of these apply to you or you have money set aside to "self-insure", then you may not need life insurance at all.
But if you do, just follow three simple steps.
1) Decide on the "term" (length of coverage). It should be long enough to see your kids grown and through college. 20 -25 years, is typical.
2) Determine the amount of coverage. Use an online insurance needs calculator. There is one that is thorough and easy to use at http://www.qualitytermlife.com/#needs.
Once you've decided on term and coverage...
3) Comparison shop. There is a big difference between costs from insurer to insurer. Again, visit a a website to arm yourself with life insurance quotes from A-rated insurance companies.
4) Then talk to an agent. They can often get you an even lower price. Or if you have complicating factors (health, age, other needs), they can find you the best deal.
Licensed Life Agent, Life and Finance/ 50 States, New York
Any life insurance policy is always financially analyzed according to future financial needs for any sudden mishap ending in the death of someone or for the creation of an estate for generations to come when someone passes on. A 30 year old is at a young age where rate is important and health so they may get a preferred rate resulting in lower premiums and higher benefit. You may also choose however much insurance to buy at your discretion in order to build and estate and leave your loved ones financially secure.
Speak to an agent let them advise you further. I am always open to consultation.
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One way to look at how much life insurance to get is to figure out how much of your income your family needs each month (include things that you do that they may now have to hire people for) and how long they will need it. (For instance until your kids are through school). That is how much life insurance you need.
- Income replacement
- Financial security for dependents
- Mortgage protection
- College funding for children
- Final/burial expenses
If none of these apply to you or you have money set aside to "self-insure", then you may not need life insurance at all.
But if you do, just follow three simple steps.
1) Decide on the "term" (length of coverage). It should be long enough to see your kids grown and through college. 20 -25 years, is typical.
2) Determine the amount of coverage. Use an online insurance needs calculator. There is one that is thorough and easy to use at http://www.qualitytermlife.com/#needs.
Once you've decided on term and coverage...
3) Comparison shop. There is a big difference between costs from insurer to insurer. Again, visit a a website to arm yourself with life insurance quotes from A-rated insurance companies.
4) Then talk to an agent. They can often get you an even lower price. Or if you have complicating factors (health, age, other needs), they can find you the best deal.
Speak to an agent let them advise you further. I am always open to consultation.