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How much life insurance you should purchase is very dependent on your current financial situation and your goals. Life insurance is designed to protect others when you are gone by providing benefits to help dependents pay off mortgages, pay off debt and pay child care expenses using the supplemental income. So, to answer the question of how much is enough, there are several variables to think about.

1.       Children: If you have children, you need to have enough life insurance in order to allow them to continue living comfortably in your home. If no one else in the family is working, you should consider the costs for food, school, utilities etc. The sum of your policy depends on the ages of your children. If you are a single parent, you want to be sure and have enough life insurance to assist the person who will be raising your children in your absence.

2.       Parents: If you are the provider for elderly or disabled parents, you need to have enough life insurance to fund their continued care. Your life insurance might be necessary to provide for their long term care and other expenses.

3.       Debt/Business: If you have debt or a business, you need to have enough life insurance to ensure someone else doesn't have to take care of the debt or business. 

So, how much life insurance is enough? It depends on your situation. Ideally, you’ll be able to purchase enough life insurance to provide approximately ten years of your salary and to pay off all debts. Take a look at your debt, take a look at who you need to support when you are gone and then talk with an independent insurance agent about how much life insurance is enough for you.

Get the coverage you need. Call Insurance Beacon at (623) 584-0071 for more information on Phoenix life insurance.

Posted 7:42 AM  View Comments

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