How Much Life Insurance Do You Need?

Buying life insurance is pretty complicated and if you do not know exactly what you want, it can be pretty puzzling and downright scary.  You certainly will not feel good if the questions caught you unprepared to answer them.  Determine first how much life insurance you need and more exactly, what type of insurance you need.

family4The major life insurance policies sold on the market are: term life insurance, whole life insurance and life insurance with no medical exam.  The last one must always be a last-resort solution, should you not be accepted by insurers selling the first two types.

The amount of coverage and type of insurance are personal choices. After you have decided which policy to purchase, you can select the amount of coverage from a list with available amounts.  We recommend you to select an amount that covers the existing debt. If you have bank loans or mortgage to pay, you may want to purchase a policy that covers these debts. In case of your sudden death, the family will be able to further pay them.

Most likely, you will want a proper burial.  So, add some funeral expenses on the coverage necessities list.  A decent funeral costs around $10.000-$15.000, depending on the materials and services included.  If you have small children and you want to make sure that they go to college, no matter what happens to you, calculate how much the family will have to spend.

As you can see, you will need the insurance to cover existing debts, funeral costs, college funds (if necessary) and some extra money for your family, so they can still benefit of a decent welfare.

Online life insurance quotes will help you analyze the policies existing on the market and will help you make and educated selection. Research, compare and select the most suitable policy for your needs and financial possibilities.

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