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One rule of thumb is to buy an amount equal to five to seven times your annual gross income. But the real question is how much your family will need when you're gone. That depends a lot on the family and what stage of life you're at.

When you plan to buy a life insurance policy, the factors to consider when deciding on the amount of coverage include funeral expenses, education loans, any pending mortgages or debts, and the financial support your family would need in your absence. Five to ten times your annual income is the normally recommended amount suggested. It is preferable to get a professional opinion about this before signing up for anything and many insurance providers and companies offer a personalized analysis of your financial needs, as part of their service.

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โˆ™ 2015-07-15 19:01:19
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Q: How much life insurance should you buy?
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Related questions

Do vets get life insurance?

They can buy life insurance...and should!


What type of life insurance should you buy?

Mortgage insurance


What types of insurance should an individual purchase?

The types of insurance that an individual should buy is home insurance, car insurance, disability insurance, life insurance, health insurance and liability insurance.


Where can one buy life insurance online?

One can buy a life insurance online at Colonial Penn, AAFMAA, OLE and many others. One should take care and time before applying for a life insurance. Some life insurance sites might be untrustful.


Can Jehovah's Witnesses buy life insurance?

I am a Jehovah's Witness, and I actually have two life insurance policies. Yes, we can buy life insurance.


Should I look for affordable whole life insurance, or is it better to just buy a term life insurance policy?

Whole life insurance does come with several benefits. I would personally suggest term life insurance the the cost savings.


Why should an individual in their 50s buy life insurance?

An individual in their 50's should buy life insurance, because that's the age one becomes more likely to die of a heart attack or have some type of accident.


Should you buy an annual travel insurance policy if you dont travel often or should you buy insurance on each trip?

Annual travel insurance is a much better option, even if you don't travel often. Buying insurance each trip is much more costly.


Where can I buy a life insurance plan?

You can buy a life insurance plan, individually, or a family life insurance plan, from a bank, or an insurance company, such as all state, progressive, or state farm.


Should you buy life insurance from your children?

If your children sell life assurance, and you want some, and theirs is the best for you, then do it.


My work offers life insurance but it's not very much, am I able to buy additional life insurance independently?

Yes, of course. There's nothing stopping anyone from having multiple life insurance policies.


Where can one purchase photography insurance?

At a place that sells insurance. Photography insurance is pretty much normal insurance. You should be able to purchase photography insurance where you normally buy your insurance.


Where to buy mortgage life insurance?

You should never buy mortgage life insurance. It is an expensive simplified issue term policy. Just buy a regular term life insurance policy. Find an independent agency and have them run you quotes on whatever amount is your mortgage plus living expenses for your family for 5 or 10 years.


How much does twenty four hundred dollars a year buy you in a term life insurance?

It depends on your age and the length of the term. Try an online life insurance calculator.


How much is a life insurance worth when mature?

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.


Where should someone go in order to buy term life insurance?

Many insurance companies offer term life insurance. Some of these include MetLife, State Farm, and AAA. Term life insurance is often bought in level term life insurance, meaning it can last a fixed number of years.


What does a Insurance Life Producer do?

About Life Insurance Producer...I believe the question should really be "What does a Life Insurance Producer do?" "Producer" simply means "Insurance Agent".Life Insurance Agent looks for and finds prospects who:1) need life insurance (pretty much everybody)2) know that they need it (fraction of the above)3) are able to buy it (almost everybody)4) want to buy it (smallest number of all)From that point on he/she helps them to get the coverage they want and can qualify for.Sounds simple enough and simple it is. However, if you are considering this as a career there is much more you need to know before venturing into it. Simple is not the same as easy. It is true in any business and Life Insurance Career can be as brutal as it gets.


How much household insurance should you buy?

In order to determine how much household insurance you need, you first need to determine the value of your home, and the personal belongings you have in it. You can get an insurance agent to help you with it.


Can I buy a life insurance policy on my live in partner?

Anyone can buy a life insurance policy on anyone, but the insurance company may request a medical examination of the person.


Can you purchase life insurance on your ex husband you have 2 children and he refuses to buy any?

People will only buy insurance for 3 reasons; Love, Character and a Divorce Decree. Sound like he has none of those. You should get a court order forcing him to buy insurance to protect his child support payments making you the beneficiary. Likewise you should have some if something happens to you, despite how much you hate him. You can make the purchase of life insurance on him if he will agree to sign the application. He is a dirtbag if he won't even let you do that! 4lifeguild


Life Insurance Policy?

form_title=Life Insurance Policy form_header=Protect your loved ones with a lifetime of financial security. Find a life insurance policy customized to fit your needs. What type of life insurance policy do you want to buy?= () Term Life Insurance () Permanent Life Insurance () Both () Not Sure How large of a life insurance policy do you want to buy?=_ Who will it cover?=_ Who would you list as beneficiary?=_


How much will life insurance cost?

It depends on many factors: your age, sex, occupation and health among others, and the amount of insurance that you want to buy.


Can i buy a life insurance policy on anyone?

No. You have to have an insurable interest in the person's life in order to take out an insurance policy on their life.


Where can you obtain information on a free quote for life insurance?

Any insurance agency will give you a free quote for life insurance and any question you have should be answered by an insurance agent for free before you decide to buy. There are many online resources to help you as well.


Who has life insurance?

Mostly families who have dependent kids have life insurance. And also people who been tricked into buying cash value life insurance. People don't buy life insurance. They are sold on it.