Individuals who are in the market for life insurance often wonder what level of financial protection they should choose for their families. Essentially, you need to determine the amount of life insurance coverage that will maintain your family’s current quality of life.
Life Happens, a nonprofit organization that endeavors to educate and guide Americans in understanding and utilizing all lines of insurance to secure their financial well-being. The website has a free to use needs calculator where people can plug in their individual financial data to come to a starting point for how much life insurance will support their families.
Typically, industry experts will advise people to buy a life insurance policy worth as much as five to 10 years of their annual salary. Of course, everyone’s needs will vary, depending on whether college tuition and care for aged relatives are also in the mix.
A report from Kiplinger.com advises consumers to increase their coverage if they get married, buy a new home or have a child. The financial news provider notes that people on the verge of retirement may also consider increasing their coverage to provide additional protection for their spouse.
Kiplinger advises individuals to consider final expenses, mortgages and income replacement when determining one’s life insurance needs.
Even those without a spouse or children may benefit from life insurance because of the flexible benefits it offers, for example, leaving behind charitable contributions.
Our knowledgeable, professional and friendly licensed agents at LifeQuotes can guide you and provide you with a free, no obligation life insurance quotes for different term lengths, lifetime plans and final expense products with over 50 insurance companies nationwide. Call us today at 1-800-556-9393 or you can even complete an application after obtaining your own personal anonymous quote online at LifeQuotes.com.