How Much Term Life Insurance Do I Need?
How much term life insurance is right for you?
Many life insurance experts agree that most people with a family that rely on them for financial support may want to own at least 7 to 10 times their annual income in life insurance protection.
For example, if you currently earn $40,000 each year and you have a family to support, you would want to own at least $280,000 of term life insurance.
If your spouse earns income you would want to insure your spouse for 7 to 10 times their annual income, as well. In most cases where both spouses work, the family depends on the income of both parents to provide financial support.
Imagine if your spouse were to pass away. Your family would possibly have additional expenses including daycare for your children, and the second income from your spouse would no longer be available. It would be nice to continue the lifestyle you have for your family. Term life insurance can help you do that.
The younger you are, the cheaper it is to lock-in affordable term life insurance rates for you and your spouse. Also, your health may change, and then your rates would be higher if you wait to buy life insurance protection.
Use the life insurance calculator to help you quickly and easily find out how much life insurance you need.
Next Tutorial - Tips on buying term life insurance
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