How much life insurance can you get?
The amount if life insurance you can get depends on several factors that the insurance company takes into consideration, including: 1. Your health status. 2. Your family's health history. 3. The amount of life insurance you already own. The insurance company doesn't want you to be over-insured. Most life insurance company will allow you to purchase up to 10 times your annual income, or more in life insurance. So, if you earn $100,000 per year, the insurance company may allow you to purchase up to $1,000,000 or more of life insurance. Answers Life insurance is something that you need to ensure that your loved ones are financially safe and secure, in case of your death. Therefore, it is always advisable to have the maximum insurance cover depending on your present needs. Life insurance needs are determined by various factors like: gross income, age, period, inflation rate etc. Refer to life insurance calculator: http://www.accuquote.com/term-life-insurance-calculator.cfm to determine approximate life insurance coverage for your particular situation
6 people found this useful
Answer . Calculate the annual income that will be lost by the person (or you) dying, and the number of years that that income will be "missed" by the people left behind (su…rvivors). Multiply these two figures and that gives you the total amount of money that will be "missing" or "needed" after your death. That is usually a good starting point. There are formulas to "discount" the annual shortfall over the number of years involved. Insurance agents have these discount factors readily available. Don't count on the survivor remarrying too soon, especially if you have children. Assume the longest period that the person will have to "get along without you," and try to cover that period of time. If you own a house, the mortgage should already be life insured, so that can often be deducted from your calculation.. Call an insurance agent, because each case needs to be looked at individually. There is no "right answer" to this one.. However, there are some right questions, and you just asked one. Best of luck.. Answers . There are various factors that determine the amount of insurance you need, such as: gross income, age, inflation, annual interest rate etc. You can refer to an online life insurance calculator that can assist you in determining the exact amount of coverage you need on life insurance policy.
Answer . I sold life insurance for several different companies. Some thoughts include "10 times your income", "as much as you can afford" and "it depends on why you are b…uying". Life insurance, even though in my opinion, has given itself it's own black eye is a wonderful financial planning tool. It's not only tax free at death, you can put additional monies (PUA's) inside the policy, earn decent interest and then pull the money out tax free at the end. Dividends are tax free and can be used to help pay for additional life insurance or cash. It can be self completing. It has a lot of features and depending on your age and needs can really help you. "I never paid a death claim, where the beneficiary said that's way to much money". Good luck.
In general, you add up all of your debts + what you would pay for your kids' college + living expenses for your spouse and family for however many years you want to provide fo…r them after you are gone. 10 years is a good rule of thumb depending on the age of your children. Go to lifehappens.org. They have a great calculator.
As much as one can pay premium for it.
It depends on many factors: your age, sex, occupation and health among others, and the amount of insurance that you want to buy. .
In whole life insurance, you pay WAAAY to much to the insurance company and you typically get nothing in return.. This "insurance" product provides life insurance and also bu…ilds up a "cash value". However, the rate of return on the "cash value" portion is typically horrible (4% or less - compare it to a mutual fund). Also, if you die, the insurance company pays the face amount of the policy (just like they would if you had purchased the much less expensive term insurance) and keeps anything that was built up in cash value.. Plain and simply. Don't get suckered into buying whole life insurance. Buy term and invest the difference in a good mutual fund.
Life insurance serves several purposes within a financial plan. It is often used for family planning purposes as a replacement of income due to death of an income provider. It… a key instrument in estate planning. The answer to your question is another question, what are you buying it for?
Depends on your coverage. The more coverage, the higher the premiums. You of course would not be alive when it pays out, so you would get nothing yourself.
The cost of term life insurance would depend greatly on certain factors such as age, health, habits, work. Each term life insurance company has many different plans with diffe…rent rates.
Whole life insurance varies in cost just like term insurance. The additional factor that goes into whole life's cost is that there is cash accumulation and it the extra money …that goes toward that. There is no way to say exactly how much it is but I will give one example. Female in her mid 30's can buy a 1,000,000 polcy for around $60/month for 30 years. That same amount as a whole life would be $470/month. There are reasons for each type of policy but Whole will almost always be more expensive than term insurance, unless there are health conditions and then, sometimes it is close in price.
Life insurance can have a very low cost, if purchased at a young age, non smoker and good health. The premiums do not increase for the length of the insurance contract (unless… you get an Annual Renewable Term). Term life insurance is cheaper than permanent life insurance, because of the mortality risk. In most cases, Term Life Insurance is sufficient to cover the protection needs for mortgage protection, or loans, or until children become financially independent. Free quotes can be obtaines on various websites, comparing different insurance companies. Ultimately, a good agent can find the best plan and company for you.
Term life insurance rate vary but you can get it from Met Life for as little as $14 a month. There are several sites that list the top rated companies and gives quotes.
You may purchase life insurance based on your individual need. Normally a good life insurance agent will help guide you through this process. The amount of life insurance you …need will include replacement of your income for your family, future education costs of your children, repayment of debts, etc. The less responsibilities you have the less the amount of insurance you need. As a matter of full disclosure, I own and operate a smalltown Independent Insurance Agency in Central Georgia and have for 23 years. I also worked as an agent for a direct writer for 3 years prior to that.
You can buy any amount of life insurance that you want (and that you can afford). Policies can be as small as $500 or as large as many millions of dollars.
That would depend on the company, your age, your gender, and whether or not you are a smoker.
I assume that you are referring to the premium. A premium is the periodic payment made by the insured to the insurer. In the US and elsewhere, premiums are determined by act…uaries, who are, essentially, mathematicians. They determine, on a very large scale, the likelihood of a person dying within a stated anount of time, and therefore, the chances of the insurer having to pay proceeds. The amount of premium to be paid by the insured depends upon several factors, including, health and age of the applicant, pre-existing conditions, and the amount of insurance sought.