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 (survivors). 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. 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.
"Yes you can obtain life insurance from Prudential. Questions you should ask yourself include how much life insurance do I need, Do I need life insurance for my family."
Mortgage insurance
Unfortunately, life insurance is never a cut-and-dry solid price. Like all kinds of insurance, the cost of life insurance varies widely from individual to individual; insurance companies hire people specifically to figure out just how much to charge people based on statistical information. The best way to find out how much it costs is to contact the Primerica Life Insurance itself. It may be helpful, however, to note that, according to some, Primerica is rather pricey for life insurance.
Term life insurance will protect the policyholder should his or her life end unexpectedly. Term life insurance is often the cheapest of all available insurance. Usually, term life insurance can be converted to whole life insurance during the term. Whole life insurance will never expire and the rates will remain constant throughout the policyholder's life.
No, the owner of a life insurance policy does not have to be the payer. Pretty much anyone can be the payer.
Common questions about life insurance that one should ask the life insurance agents before buying a policy are if it is term or whole life insurance and how much it cost.
"Yes you can obtain life insurance from Prudential. Questions you should ask yourself include how much life insurance do I need, Do I need life insurance for my family."
This should depend largely on the age of your children. If they are of young age, they are relatively safe and only minimum life insurance is required. If they are at work age, insurance should be proportionally larger, around $2000 could give you a good life insurance.
Your life
A life insurance calculator works by figuring out how much you should pay per month (sometimes other units of time) for a set amount of insurance money. For example, if you have a $500,000 life insurance quote, they will calculate how much you pay a day for it.
They can buy life insurance...and should!
If you are looking to get life insurance you should consider if you have any dependents and if you don't you won't need life insurance. You could get life insurance if you are a sole owner of a company and you need to decide how much money your company will need after you die.
Before purchasing any life insurance you should consider exactly how much coverage you may need, what your general health is and how much yoru looking to spend per month.
Mortgage insurance
A life insurance payout is not taxed.
You should consider life insurance that covers you for the amount you need. Term life insurance is one form of coverage.
If the life insurance was provided by your employer and your employment is terminated, you will lose the life insurance protection. You should look into individual life insurance, which you can take with you if your employment terminates.