How much life insurance should I get? This is a common life insurance questions we receive at our office. Let’s be honest, not many of us enjoy thinking about the end of our life’s journey. Most of us are doing our best to enjoy that we are given, spending our energy doing what we love and being with those who matter most to us in this life.
But the reality is that death comes to all of us. Doesn’t it make sense to be prepared when it does? Maybe you’re at the place where you know it’s time to purchase a policy. If so, good for you! It’s one of the best decisions you can make that will bring peace of mind to you and your family. You’re probably now wondering, how much life insurance should I get? This is a great question! Here are a few important things to consider when purchasing an cheap life insurance plan.
How Much Debt Do You Have?
The first thing you want to consider is how much money will you need to pay off all of your debts. This is important because should something happen to you, you don’t want your family to feel the extra weight of figuring out how to pay off these sometimes high interest balances. Let’s say you owe $250,000 on your mortgage, you have $3500 in credit card debt and maybe own $18,000 on your auto loans. When you add this up you come up with a grand total of $271,500. So you want to make sure you carry at least that much coverage on your life insurance policy.
How Much Do You Make Annually?
Obviously if something happens to you, your income will need to be replaced in order for your family to survive. This is even more important if you’re the only bread winner in the family. So if you make $50,000 a year you’ll want to multiply that number times the number of years you want to make sure your family is cared covered. Obviously you’ll want to add that number to your debt total as well. It wouldn’t hurt to calculate some inflation into that figure as well.
How Many Future Obligations Do You Have?
When considering how much life insurance you should I get, you’ll want to consider any future obligations you may have. Whether it’s paying off your college education or helping your family relocate to that place in Florida, you’ll want to consider these important obligations as well. We even offer great rates on life insurance for seniors.
If you’re looking for an affordable no exam life insurance policy, these are just a few important things to consider when calculating how big of policy to get. There are some great cheap life insurance policies out there that we can help you find. The good thing is we work with some of the top rated companies across the country. We’ll show you several quotes from the some of the top companies that will fit your families budget.