How Much Life Insurance Do I Need?
There's
no easy answer to this critical question. Forget that old rule of thumb
that said you should multiply your current salary by 10 (so your beneficiaries
would have 10 years' worth of coverage). You need to calculate what
it would take for your survivors to maintain their current lifestyle
- their monthly living expenses - plus what's needed to meet immediate
financial commitments. That means your mortgage and any other outstanding
debts, plus big expenses like your children's college education.
In
order to help you estimate your coverage level, TermInsuranceWeb.com
has developed a Life Insurance Needs Planner. The majority of Americans
are woefully underinsured and, even worse, over paying for the insurance
they do have. Taking 5 minutes to go through our planner will get you
started off on the right foot to providing sufficient coverage for your
family.
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