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How to Select The Right Amount of Life Insurance for You

Terry’s life insurance cost $9.95 a month. Sounds like a good deal, right? The cost of a couple cups of coffee a month can fit into most people’s budget. That may work for Terry, but it doesn’t really answer the question, “how much life insurance do I need?” or “How much is the right amount of life insurance?” A number of factors go into estimating your coverage needs. If you already know your financials fairly well, try our life insurance calculator. It will give you a quick sense of what you’ll need to consider for coverage. Plus, it offers three financial planning scenarios for what you could leave your beneficiaries. Otherwise, let’s review common considerations that go into deciding how much to purchase. Does Your Employer Offer Life Insurance Coverage? If your employer offers life insurance coverage, it can be a cost-effective way to supplement your needs. Large employers negotiate…