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Life insurance rates are at historic lows, so it makes sense to protect yourself by getting more instead of less coverage.
Every person is unique - there is no single formula that can calculate life insurance needs for everyone. You should think about how many years worth of income you would want to have saved if something happened to your earning ability, then purchase coverage at or above that amount. Many financial advisors recommend from 7 to 10 years. Then, multiply your yearly income by the number of years you want to protect your family or other beneficiary. For example, a family with an income of $50,000 might purchase $500,000 worth of coverage to cover income loss for 10 years. You might want to add money to cover debts and future expenses as well. |
| To estimate your coverage needs, consider the following: |
- The size of your family
- The ages of your family members (how many years would
you like to support them?)
- The standard of living you want them to maintain
- The costs for childcare or care for an elderly parent
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- Future expenses, such as educational, health or mortgage
costs
- Final expenses at the time of your death, including taxes,
legal fees and funeral costs
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| There are more specific ways to estimate how much life insurance an individual or family may need. Figuring one's need based on their income and assets can be more accurate:
Determining Expenses (-) Assets: Figure a rough estimate of your annual family budget. This would include your mortgage, child care, insurance, and basic living expenses. Don't forget to include expenses such as vacations, and future education plans such as private school and college.
The right amount of coverage is important for your family's security and your peace of mind
Talking to a licensed life insurance professional can help you get the information you need so you can make your decision about the right amount of term life insurance coverage for your family. Having the right information can help you decide what is best for your family, based on your needs and budget. |
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