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A Term Life Quote and Why You Should Know Your Coverage Amount Before Getting One - Part I
Your yearly income multiplied by fifteen - so many insurance agents quote this. And that’s all
they do: make a quick estimate of your insurance needs. Granted, this is a starting place. It gives
you a quick sketch. But that’s all. Do yourself a favor: look a little deeper than this before you
compare your first life term quote.
Before we go further, consider what’s in the minds of most insurance agents: selling you a
bazillion-dollar insurance policy. But that’s not us. At LifeQuoteCenter.com, we figure that you’ll
want enough coverage to provide you with a layer of security and comfort. Not more than you need or
want, and not less. We’ve found this is just what makes people happy with us. We win and you win.
So let’s look at some helpful questions.
What’s your age? Did you know this is a huge factor in determining life insurance needs for most
people? If you’re now in the 20-40 year-old age bracket, most will recommend insurance coverage
that’s 15 to 20 times your annual income. From age 41-50, you’ll probably want to multiply your
income by 10-15 to get your coverage number.
What about from 51 to 65? Multiply your income by 5-10 times to get your insurance coverage needs.
If you’re over age 65, you’ll probably want about 3-5 times your yearly income as an insurance
umbrella. Big difference from the old multiply-by-15 adage, isn’t it?
This coverage amount is usually a minimum - to help your family buy the groceries and keep paying
for the house - when you’re not around. Why is this a minimum? Let’s look at some more factors...
Term Life Quote - Part II
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