There are several factors that you have to consider when deciding how much to spend on life insurance. First consider your age. The older you are, the higher cost of insurance is. Then factor in health, smoking status, and history including risky hobbies. Last is how much death benefit you need or are looking for or can afford.
Last is the type of insurance you want. For example term insurance or permanent insurance.
Once you have all this information, then seek out a quote.
You should spend enough on your life insurance to leave your family with enough money to live their lives as if you were still there financially until they are able to recover emotionally and financially able to carry on with their lives. I know from personal experience that the first two years after such a loss is the hardest to recover from. As far as the amount of insurance you should leave behind, a lot of insurance agents say 10 times your salary but personally I think it should be 10 times your assets.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
There are a few factors involved in what you need to spend on life insurance, but you will find - if you do some research - that premiums will vary somewhat from company to company. So if you work with an agent who has the ability to work with several different insurers you will likely be able to get the best rate for whichever type of life insurance products you decide on.
Other than that the amount you spend on your insurance will be determined by your age, gender, health and the amount of benefit you choose. Also there are options for "riders" which add certain benefits, some of which are additional to the basic premium.
The amount and type, ie Whole Life or Term will be determined by what your goals and needs are for the insurance. With all these things in mind I recommend you enlist the aid of a good Insurance Adviser/ Broker who can help you make the right determinations and select the best insurer and products for you.
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Last is the type of insurance you want. For example term insurance or permanent insurance.
Once you have all this information, then seek out a quote.
Other than that the amount you spend on your insurance will be determined by your age, gender, health and the amount of benefit you choose. Also there are options for "riders" which add certain benefits, some of which are additional to the basic premium.
The amount and type, ie Whole Life or Term will be determined by what your goals and needs are for the insurance. With all these things in mind I recommend you enlist the aid of a good Insurance Adviser/ Broker who can help you make the right determinations and select the best insurer and products for you.