Tips on When to Buy Life Insurance and How Much
If you are considering the purchase of life insurance you
may have identified a need. We can help you understand your needs, determine if now is the time to buy life insurance, and how much life insurance you need.
Most people buy life insurance when a major life event happens:
1. Getting Married
2. Starting a Family
3. Buying a Home
4. Getting a Job Promotion
5. Creating a Financial Plan
In addition, many people realize their own mortality, and need for life insurance when a family member passes away.
If you have someone who relies on you for financial support, you may need life insurance. Request your free life insurance quotes.
How much Life Insurance do I need?
Selecting the right amount of life insurance to purchase is one of the most important decisions you make when purchasing your policy.
Why? Because, you want to get enough life insurance to protect your loved ones, but you don’t want more life insurance than you need, which means you are paying more than you have to for your coverage.
In the past, many life insurance companies would recommend you purchase at least 7-10 times your annual income in life insurance.
This means, if you make $50,000 a year, maybe you need $500,000 of life insurance.
But, this amount may not be enough, based on your family’s needs.
With interest rates so low, you may need a larger amount of life insurance to comfortably replace your income for your family – If that’s one of your goals with your life insurance policy.
Another option for determining your life insurance needs is to use a life insurance needs calculator. You answer some basic questions about your financial situation and the calculator gives you an instant, accurate estimate of your life insurance needs based on your current financial situation. Visit our life insurance needs calculator to help you decide how much life insurance you need.
How can I find the most affordable life insurance policy?
Finding the most affordable policy for your life insurance means choosing the plan that meets your needs now and in the future.
Many families, people on a budget, and homeowners, buy term life insurance because it provides the most life insurance for your money. And, you can choose coverage for a term of 10, 15, 20 or 30 years.
So, if you have a need for life insurance of 30 years or less, then a level term life insurance policy may be a good option for you and your spouse.
Level term life insurance provides you with premiums that remain the same each year for the entire term (10, 15, 20 or 30 years) of your term life insurance policy.
And, the amount of life insurance provided by your level term policy remains the same each year, too.
To find the lowest rates available for term life insurance we recommend Wholesale Insurance. They have a network of over 40 leading life insurance companies. You just answer some basic questions and you instantly receive the 5 lowest rates for term life insurance.
And, Haven Life also offers up to $1,000,000 of life insurance with no exam required, from an "A++" rated life insurance company.
Life Insurance Quotes
Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote
Highly Recommended – Globe Life Insurance
$1* Buys $100,000 Globe Life Insurance
Buy Direct. Monthly Rates as low as $3.49 for Adults/$2.17 for Children.