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How Much Life Insurance Do I Need?

No one truly enjoys thinking about life insurance. However, many individuals who take out life insurance policies do so because they understand the financial ramifications their death can have on their loved ones. They also understand that grief is hard enough to cope with, without the added burden of financial devastation.

If you are thinking about taking out a life insurance policy to safeguard your family’s financial future, you may be uncertain about how much life insurance to purchase. Many people simply feel comfortable with a certain figure and will take out a policy in that amount. Other individuals prefer to use a formula.

The most common formula used to decide how much life insurance a family would need in the future is based upon the yearly income of the insured. Insurance professionals generally instruct an individual to multiply their yearly income by ten. The end number is what you are encouraged to take out in a life insurance policy. For instance, an individual with a yearly income of $45,000.00 would multiply it by ten. This would give the individual a total of $450,000.00. This number reflects the policy you would need to take out to cover the loss of your income in the event of your death for ten years.

Never take out a life insurance policy that will put a strain on your budget. Life insurance is not meant to leave your family wealthy. It is only meant to help them through a difficult time. Taking out a small policy which would cover funeral and burial expenses and one to two years worth of income is sufficient for many individuals.

When you shop around for life insurance, compare each policy side by side. Keep in mind that just because one policy is more expensive than another doesn’t necessarily mean that it will offer more. Be wise and choose a policy that will best suit your budget needs. The goal of purchasing life insurance is to bring you peace of mind. You shouldn’t be put into a budget crunch or have to pinch pennies to pay for your life insurance policy each month.

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