As our commitment to helping people understand the ins and outs of life insurance continues, this is part one of our six part video series on purchasing Life Insurance. So let’s start with the basics..
One of the most common questions people ask themselves is, “Do I need Life Insurance?” Although beneficial to your family’s financial health, the process of purchasing life insurance online can be confusing and overwhelming. Following our quick Life Insurance 101 guide can simplify the process of getting a life insurance quote online. Keep in mind, Life Insurance isn’t for everyone. If you aren’t the sole bread winner in your household or don’t contribute to a significant amount of your family’s income, you may not need life insurance. However, if you work full time, have a family that depends on your income, have children, debts, and other life expenses that may burden your family in the unfortunate event of your death, then you will want to consider purchasing a life insurance policy that will make sure your family is covered should the unthinkable happen.
How much insurance do you need?
Another common question many people ask when considering life insurance is: “How much life insurance do I need?” Don’t worry. It’s very common to be confused by the different policies and amounts of life insurance coverage. Some families are fine with smaller less expensive policies, while others may require large payouts in the event of a family member’s death. The typical guideline is to purchase 10 times the person’s annual income in life insurance coverage. This will ensure that debts are paid and your family has enough money for everyday expenses such as the mortgage, car payments, food, bills, and more. As well as be able to pay for added expenses such as a child’s tuition, funeral costs, and other extraneous costs that your family might run into down the road. Questions you should ask yourself, should include: How many people in your family depend on you? What type of lifestyle do you enjoy? Do you have young children? What are your monthly costs? It may be difficult to put a number on many of these important factors. At LifeQuote, you’ll find user-friendly calculators and guides to help you determine exactly how much life insurance you need. You can even live chat with a licensed insurance agent or call 1-800-521-7873 to speak with someone right away to determine your individual life insurance needs. To get free life insurance quotes for you and your family today, visit LifeQuote.com.