How Much Life Insurance Should I Carry?

How Much Life Insurance Should I Carry?

The standard rules of thumb for purchasing life insurance policies – which tend to be based on income levels – may not be sufficient guidance in every case, according to a report in the Chicago Tribune.

Author and expert Tim Maurer told the Tribune that consumers should consider total life insurance needs by combining four main categories: Final expenses, mortgages and other debts, income replacement, and educational funds. These will vary wildly depending on the number and age of a family’s children, amount of money owed on a mortgage, and overall income level.

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Insurance tips for tough economic times

Insurance tips for tough economic times

Roughly 56 percent of Americans say the economic downturn has made it more important to have life insurance, compared to just nine percent who believe the need has diminished, according to a survey released by the nonprofit Life and Health Insurance Foundation for Education (LIFE Foundation). In addition, over the past year more people appear to have added to their life insurance coverage than have lost or reduced their coverage.

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