Affordable Life Insurance Protection for Your Family

Do I Need More Term Life Insurance?

Determining Your Need for Additional Term Life Insurance


Life insurance is one of the most important financial decisions you’ll make throughout your lifetime. And, keeping up-to-date with your coverage is just as important.

Whether you know it or not, with each passing year your financial obligations change, increasing as you grow older and take on more responsibilities; such as, getting married, buying a home, starting a family, buying a new car, etc.

And, as these responsibilities add up, you will find your need for more life insurance protection increasing, too.

Your original term life insurance policy may not be providing the amount of protection you currently need, especially if you purchased coverage years ago.

The fact is, you should review your insurance plan at least every 2-3 years, maybe more often, especially when you experience major life events.


Common Reasons for Buying More Term Insurance


  • Getting Engaged
  • Getting Married
  • Getting Divorced
  • Becoming Main Breadwinner of Your Family
  • Buying a New Home
  • Buying a New Car
  • Starting a Family
  • Expecting a New Child
  • Getting a Promotion at Work
  • Becoming Someone’s Legal Guardian
  • Adopting a Child
  • Starting a New Business


How Much Term Life Insurance Do You Currently Have?

You’ll want to review the amount of life insurance stated on the first page of each of the term life policies you currently own, and add those amounts up to determine the total amount of term insurance you have "In Force" at this time.


How Much Term Life Insurance Do You Need?

In order to determine your current need for life insurance, you’ll want to use the term life insurance calculator below to help you quickly and easily get an accurate estimate of how much coverage you need now.


Life Insurance Need Calculator
Life Insurance Need Calculator
This calculator will help you to decide how much life insurance you need if your survivors invest the life insurance benefits they receive.

Funeral cost, estate taxes, etc. ($):
Amount needed to pay of non-mortgage debt ($):
Amount needed in emergency fund ($):
Amount needed in college fund ($):
Expected average annual living expenses ($):
Expected spouse's average annual income after taxes ($):
Annual Social Security Benefits ($):
Spouse's current age (#):
Value of current liquid assets ($ total of savings, investments, etc.):
Expected survivor's investment strategy:
Life insurance needs:

How Much Additional Term Life Insurance Do You Need?

Simply take the total from the amount calculated using the needs calculator above, and subtract from that, the amount of coverage you already own. 

The remainder is the additional amount of term insurance you should buy.


How to Buy More Term Insurance?

When purchasing a new term life policy, you’ll want to consider each of the following:

  1. How long do you need your new policy to last?
  2. How much can you afford to pay for your new insurance?
  3. Do you need insurance for your spouse/partner, too?


Buying a New Term Policy

You have a couple options available for purchasing new coverage.

  1. Compare Rates from Top Carriers
  2. Get No Exam Instant Term Coverage

You can compare term rates and plans among several of the leading insurers and select the policy that best fits your needs. 

Or, you can get term insurance without having to take any health examination. This is called instant issue term life insurance which means you can start your term life policy today, if you qualify for coverage.


 Term 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

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  • No Medical Exam – Simple Application.
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Can You Buy More Than One Term Life Insurance Policy?

Do I Need More Term Life Insurance?

Disclosure: Compensated Affiliate