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Mik V | I'm 52. Wife 53. 3 kids, youngest is 21. How much life insurance is recommended? |
We both work. Own home - no mortgage.
5 times my salary?
10 times? |
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Serge Polyak
|
The objective of life insurance is to replace income of a diseased family member so that quality of life of survivors is not affected, not to make the survivors 'super rich'. You do not want to get too little coverage for obvious reasons. You do not want to get too much coverage because you then overpay in premiums. To determine the right amount you need to consider: both of your salaries, your obligations, your assets, investment strategy and liabilities.
Because you seem to have no major liabilities (mortgage is paid and kids are grown up), chances are you need very little coverage. To be sure, though, I would recommend checking your needs with a free financial analyzer http://www.ameri-financial.com/finance-test/personal-finance-test.html. |
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hadley2120
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The amount of life insurance you need depends on what goal you have for your life insurance, and your current financial situation.
Depending on your income, debt, and goals. Some insurance agents recommend you carry 7-10 times your annual income in life insurance.
However, there is another way to determine your needs - You can use a life insurance needs calculator. You just answer some basic questions about your current financial situation, input some numbers, and the calculator instantly gives you an accurate estimate of your life insurance needs.
There are many free life insurance calculators available online. You can use a life insurance calculator at http://www.term-life-online.com/term-life-insurance-calculator.html to help you find out how much life insurance may be right for you.
Make sure you fully consider the reasons you are purchasing life insurance - What specific needs you are seeking to provide for.
You may want to consider how much life insurance you need, for how many years, and how much you can afford to pay.
Also, when you compare free life insurance quotes, make sure you get rate quotes from several insurers, because rates can vary quite a bit between companies.
Also, look at the AM Best financial strength rating of the insurers you are considering. Look for an insurer rated at least "A" Excellent, or better, from AM Best Company.
Also, level term life insurance is a popular form of coverage, because it provides coverage and rates that remain the same each year for up to 20 or 30 years.
Term life insurance is temporary life insurance protection for a specific number of years, usually 1-30 years. There is no investment, and no cash value within the policy. You only pay for the life insurance protection.
Permanent life insurance builds cash value, and provides lifetime protection, as long as you pay your premiums on time. However, it may cost you more than term life insurance.
You can contact a local life insurance agent to comapre plans, or request free, instant life insurance quote comparisons online, with no obligation. That way you may be able to compare the most competitive rates from over 70 life insurance companies.
I hope that helps! Best of luck to you and your family. |
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growing inside
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Is your wife able to cover all household bills (including medical insurance) from her salary? If yes, then you need only a few thousand in life insurance to cover funeral costs. If no, then enough for her to be able to pay household bills for five years. Also, if any of the kids are still in college, enough to cover their education expenses. |
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Tampa B
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hey
i think the best possible way is to try online quotes with no obligation That way you may be able to compare the most competitive rates from over 99 life insurance companies. As a Representative i will offer you the link u can try here for online quotes you will get full info free
thanks.
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Good♥Gyrl
 |
My biggest question is why are you looking for life insurance now? Is this strictly for wealth transfer (i.e. leaving a benefit for the kids) or for something else?
Met Life has a great life insurance "picker" that will help you narrow things down after a series of questions. www.metlife.com |
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The Income Protector
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Depends on how much income you make. Life insurance is primarily there to create income that wouldn’t be there if you were not there to make it. One of the simple formulas is 10 to 15 times one’s annual gross income. |
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Insurance Pickle.com
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Regarding the first answer...he's absolutely right. You should just find out when you're going to die to see if a CD is better (insert sarcastic tone here).
Anyway, it depends on your other finances. If you have enough savings to retire then your wife wouldn't need much more than to bury you. And, it would also depend on what both of your incomes are. If you make $100k and she makes $10k then you'll need considerably more than if it were the other way around.
In other words, you don't have near enough information to even begin to guess. The only thing I can tell you is that you don't need any to cover the mortgage. |
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bob cratchit
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unless you plan on dying soon, you are better off to start putting money in a cd. the interst will accrue more money than any life insurance as long as you have the time to let it build. |
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