How Much Life Insurance do You Need?Article Posted by Expert Author: Adam Foley on 08/30/2013
Most life insurance companies will tell you that the most common question people ask is regarding the amount of coverage that they need. There is no universal answer. Every person has a different situation, and will therefore require a specific amount of coverage. If you are like most others, you are looking for a fair quote. You know that the cheapest one is probably not from a trusted life insurance company, but you don’t want to just pay for the most expensive policy either, because you may not need the coverage that is included. Always know exactly what you are paying for in your policy.
Determining the amount of coverage you need is a huge decision. You need to consider the size of your family and how much money they will need to live comfortably on. Do you have children that will need money for college? If you are the sole provider, you will need to consider the mortgage payment, car payment and other bills. Plus, you have to factor in funeral expenses and any medical bills or outstanding debt. You don’t have to come up with a figure on your own. There are helpful resource guides available and insurance agents can be of assistance as well. Just make sure you are dealing with life insurance companies you trust, so you don’t get talked into more coverage than you need.
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