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How much term life insurance in dollars and length should one purchase?
Wiki User
∙ 15y ago
Simple, how long do you need the protection for and how much do you need? I recommend to everyone that if you are looking out more than 20 years, some portion of your protection should be Whole Life or Universal Life. Term is like renting a home as opposed to buying one. The longer you rent, the more you lose in the end. 4lifeguild You should consider your liabilities such as mortgage, debts, loans, estate taxes, business losses, etc. Then consider your future expenses such as college education fund for your children, financial security for your family in the event of your death, and the number of years they would need financial help. All these put together will give you an idea of how much life coverage your family would need, should you die an untimely death. The goal is not only to provide financial security for your family, but to leave them debt-free.
Online life insurance calculators are very helpful for calculating how much financial coverage your family would need. They will take into consideration your income, expenses, projected rates of inflation and interest, and the number of years you believe your family would need this financial security.
Wiki User
∙ 15y ago
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