Sep
13
How Much Life Insurance Do You Need?
In a recent study, 40% of consumers responded that they don’t have enough life insurance to meet their families’ long-term needs.1 This concern raises an obvious question: How much life insurance is enough? What might be appropriate for a family with two young children and a stay-at-home spouse in Charleston or Atlanta could be significantly different from the needs of a working couple whose children are grown in Miami or Charlotte.
Do the Math
Rather than using the oft-recommended formula of replacing eight to ten times your annual income, a better tactic might be to calculate the life insurance benefit amount that could provide the income to meet your family’s long-term needs and goals.
Do the Math
Rather than using the oft-recommended formula of replacing eight to ten times your annual income, a better tactic might be to calculate the life insurance benefit amount that could provide the income to meet your family’s long-term needs and goals.
