How Much Life Insurance Is Right For Me?
What's the hardest part of buying life insurance? For most people, it's trying to figure out exactly how much you should have. It doesn't make financial sense to spend money on protection you don't need. But you still have to make sure your family will always be comfortable - even if the worst happens.
On one hand, some financial advisors recommend multiplying your yearly income by 7. On the other hand, they recommend purchasing just enough coverage to protect your income during your working years, and put the savings into retirement investments.
So what's right for you? Before you decide to buy a policy, ask yourself these questions about your current - and future - financial needs.
4 Questions To Ask Before You Buy Life Insurance
The answers to these 4 questions will help you determine what amount of life insurance is right for you.
Now all you have to do is subtract your total resources from your total expenses. This number is the minimum life insurance protection you should consider buying. You should ask yourself these questions once a year so you can make sure your life coverage matches your current financial situation.
We can also help you figure out your life insurance needs and answer any questions that you have. Contact us today for a free consultation about your options.