By: Joe 'Gravy' Graves

Joe 'Gravy' Graves — Sun, 20 Mar 2016 21:59:34 +0000

10 times your income is one of the more generic ways to calculate the amount you need. It's a good one... The RIGHT benefit amount is so different for each individual. Income, debt load, size & age of family, etc. all go into the calculation. Often, we write two policies to meet a need. Especially those with young families. A LARGER benefit for a shorter term and a lower benefit to fill the long term needs. - gravy.

By: Matt Benore

Matt Benore — Tue, 31 Dec 2013 17:50:10 +0000

I had to do a little research on this guy. Looks like he has a radio show talking about Financial Services and everything in between. With some digging, I found this statement on his website: Life insurance is meant to replace your income. My rule of thumb is to buy an amount equal to 10 times your annual salary. His website is: https://www.clarkhoward.com/categories/insurance/life-insurance/ where I found the answer. On that note, realize he is saying "a rule of thumb" which I tend to agree with by the way if I am just casually talking to someone about Life Insurance and how much you need. I do prefer to get into specifics with your situation, which any agent/broker should do for you, to determine what you need to cover like your biggest deb, your mortgage to replacing income and for how long. A thought is to replace income to retirement age (age 65, 70, etc.) as at this time, you do not earn income any more. Hope this helps. Please consider talking to a local agent or feel free to reach out to me.

New answer on: How Much Life Insurance Does Clark Howard Recommend?

By: Joe 'Gravy' Graves

By: Matt Benore