How Much Life Insurance Do I Need?
How much protection does a family need?
That's a difficult question because it depends on so many factors that can't be predicted - like how long you will live. A simple approach is to plan for the worst case (e.g., immediate death) and decide how much money surviving family or loved ones will need
to handle such matters as:
Final expenses, including funeral costs
Debts, including mortgage
Estate taxes
College expenses for children
Survivor living expenses
Will your life insurance policy expire before you do?
You may have a term life plan that is eventually going to reach the end of its term.
The universal life plan that you purchased 5,10 or 20 years ago was based on lofty projected interest rates and is now being credited the policies guaranteed minimum interest rates.
The cost of life insurance is much lower today than just five years ago. Today’s policies have may have much lower cost. Many of today’s providers have products that “bundle” other benefits such as long term care.
