How Much Life Insurance do I need?
Information Shared by Pablo Lopez of Century 21 Elite RealtyRecently I asked a good friend of mine in the Insurance business; How Much Life Insurance do I need? The fact is that if you own real estate you should be asking yourself the same question.
How much life insurance coverage do I need?This is another question to which there is no one right answer. The key to choosing the optimum life insurance coverage is to look at your own individual circumstances, including the living expenses of your family, your current and projected future income, monthly cash flow and of course your budget. The most important thing is to have a policy in place to protect your family that is customized to meet your needs. A life insurance policy is there to provide you with peace of mind.
When figuring out, How much do I need? Here is something very important to consider. Today, it normally takes two incomes to support a family. If one of them were to unexpectedly pass away. How could the spouse continue providing the same quality of life for their family? Will you be able to replace the loss of income? If they have children will the spouse be able to afford to send the children to college? So you want to give these questions some thought.
While there is no hard and fast rule, a good rule of thumb is to purchase a policy equal to 20 to 25 times your annual salary. This amount of coverage gives your survivors a good shot at living off the earnings of the death benefit without having to invade the principal to pay their living expenses.
For more informaiton on Life Insurance Contact:
Jackelyn Maldonado
American Financial Associates
Cell: 609-389-4492
Email: jmaldonado@afacompany.com
Website: www.afacompany.com/jackiemaldonado
Facebook URL : www.facebook.com/protectyourfamilynow
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