How much life insurance is enough?
There is no standard formula for the right amount of life insurance because everyone’s needs are different. Many experts, however, say you can figure that you need five to seven times your current annual income. For more information on the factors that determine how much life insurance is appropriate for you, see your local Shelter agent.
A.Interest in life and disability insurance has risen sharply since the events of September 11th. A popular rule of thumb amount cited is 5 times your household income. But it really depends on your overall financial situation and objectives. If you’re concerned about having adequate coverage for your family, call or E-mail us. Back to list.
As a “rule of thumb,” many experts recommend you purchase coverage at an amount equal to 10 times your salary. AccuQuote provides you with a much more accurate and personalized needs analysis. We encourage you to try our life insurance needs calculator. AccuQuote is a leading life insurance brokerage firm. In a matter of minutes, we compare the prices, features, and financial strength of hundreds of life insurance products from over 140 of the nation’s top insurance companies. Our clients typically save up to 70% on their life insurance.
Related Questions
- Why is it better to have an irrevocable life insurance trust purchase alife insurance policy on the donor, rather than have the heirs themselves own a permanent life insurance policy with the premium paid by the heirs with gifts by the now- living donor?
- Are life insurance benefits considered part of a decedents estate?
- Do life insurance renewal commissions count as wages?
