How Much Term Life Insurance Should I Have?
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaIf your present liabilities and future obligations are temporal, then term life insurance is a consideration. To determine your coverage you need to total your debts, your future obligations and your earning ability. The sun total of all this categories will give you an idea of the amount of coverage you need to protect your loved ones or business associates.Answered on July 24, 2013+01+1 this answer
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63333 POINTSview profilePeggy MaceMost of the U.S.Term life insurance is intended to cover needs that have a set time period. E.g. A 30 year mortgage can be protected by purchasing a 30 year Term life insurance policy. So you can determine how much Term life insurance you should have by looking at the need to be covered. E.g. if your mortgage is for $200,000, taking out a 30 year Term policy of $250,000 (enough to cover the mortgage plus misc other expenses that would be incurred upon death) would be a good amount to purchase for that particular need. Figuring this out for each temporary need, then lumping them together in the length of policy needed, can be a cost effective way to buy Term life insurance.Answered on July 28, 2013flag this answer
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