How much life insurance coverage do I really need?
As far as how much insurance you need again, that’s a personal issue. But it, you know, at the end of the day, it’s also gonna depend on what you can afford. Again, a younger family, they have a lot more responsibilities. There’s always gonna be a need. I’ve been doing this a long time. People feel that when they, when they retire, they don’t need life insurance anymore. We can talk about that further, but I would say that’s absolutely incorrect. It’s just that the particular needs change in respect to, a person’s situation.
As far as the calculation you can get up to about 15 times your income. As far as the insurance companies are concerned where they’ll say, Hey, you know, we’re, within the realm of this makes sense. But if you added in a replacement of income, so let’s say you’re making a hundred thousand dollars, you wanna replace that income for five years, well, right there, that’s $500,000 of insurance that you’re going to need.
You’re adding, Hey, I wanna make sure my children, I have two children, that their, college costs are covered. That could be another a hundred thousand per kid. You got a mortgage, it’s 200,000. So right there we’re up to what, $900,000 of life insurance. Those are the biggest things.
Mortgage, replacement income , and college education. But if you wanna be specific, You can go onto our website and we have a calculator and you can put in all of your information and it’ll spit out, you know, pretty much based on your information, how much life insurance would be recommended for you and your family.
