You're ready to buy term life insurance. But how much? And for how long? Even the best term life insurance falls short if you don't have enough. Then again, overdoing it buying term life insurance policy doesn't make great sense either, especially if you're watching your budget.
Conducting your own term life insurance needs analysis starts with a common sense approach. Here are some things to consider.
Many people buy term life insurance with the idea of replacing lost income. But what exactly does that mean? Opinions vary, so you might see recommendations for buying term life insurance policy that is five or seven to ten times your current salary. It boils down to figuring out your own individual current and future financial needs.
When calculating the best term life insurance amount, ask yourself:
Try our Term Life Insurance Calculator and see options for how much coverage you should look for.
When buying term life insurance policy, the term itself can be just as important as the coverage amount. Ask yourself:
When buying term life insurance policy, many think of immediate expenses such as the mortgage, loans and food. But what about other not-so-obvious costs? Ask yourself:
If you're like most, you've got some debts. You may want to buy a term life insurance plan that covers:
The bottom line? If you're buying term life insurance policy today hoping it will help your kids get through college years from now, do your best to calculate a realistic cost.
Start your application online now or call one of our licensed agents at 1-800-771-5144.