How Much Life Insurance Do I Need?

A recent study found that 58 million Americans don’t have enough life insurance.

I’d guess that’s a conservative estimate. A lot of people simply have the $10,000 or so that might come with their employer-sponsored health insurance plan. That’s better than nothing, but we all know that won’t go much further than your funeral and final expenses.

So how much do you really need?

Most financial planners suggest you need to have 8-10 times your annual income. You might consider a bit more if you want to pay off a mortgage or something like that. You have to think through the financial situation your family will find themselves in should you (and your income) suddenly leave the scene.

The good news is that solid term life insurance is probably more affordable than you think. And that’s what you really need. (Don’t get talked into some fancy life insurance policy as a great investment tool – that’s not the point here.) You can get a quote right now on your own or you can contact us to talk more about your needs. Do it now!

 

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