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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 thatís all they do: make a quick estimate of your insurance needs. Granted, this is a starting place. It gives you a quick sketch. But thatís all. Do yourself a favor: look a little deeper than this before you compare your first life term quote.

Before we go further, consider whatís in the minds of most insurance agents: selling you a bazillion-dollar insurance policy. But thatís not us. At, we figure that youíll want enough coverage to provide you with a layer of security and comfort. Not more than you need or want, and not less. Weíve found this is just what makes people happy with us. We win and you win. So letís look at some helpful questions.

Whatís your age? Did you know this is a huge factor in determining life insurance needs for most people? If youíre now in the 20-40 year-old age bracket, most will recommend insurance coverage thatís 15 to 20 times your annual income. From age 41-50, youíll 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 youíre over age 65, youíll probably want about 3-5 times your yearly income as an insurance umbrella. Big difference from the old multiply-by-15 adage, isnít it?

This coverage amount is usually a minimum - to help your family buy the groceries and keep paying for the house - when youíre not around. Why is this a minimum? Letís look at some more factors...

Term Life Quote - Part II


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