How Much Life Insurance Do You Need Right Now?
You know that you need life insurance, but are you sitting in front of your computer wondering how much you need?
If so, you're not alone.
There are many reasons why individuals procrastinate when purchasing life insurance. Some are overwhelmed by all the options, while others believe coverage is too expensive. However, not knowing how much coverage to purchase can also stop many people in their tracks.
In a nutshell, you need enough life insurance to cover all your financial obligations. Calculating this number can be accomplished in a handful of ways.
Income method – The easiest way to determine how much life insurance may be sufficient is to multiply your Income by a factor of 10. For example, if you earn $50,000 a year, consider purchasing a $500,000 policy.
DIME method – A more accurate approach is the DIME method. For this method, add the following calculations together to develop a total life insurance need:
- Your current outstanding Debt
- Multiply the number of years of support your family needs by your Income
- Add the amount required to pay off your Mortgage
- Estimate the cost to pay for your children's higher Education
Financial calculators – A life insurance calculator is the most accurate way to calculate your life insurance need. There are many calculators online, but make sure you use one from a reputable source. If you are unsure, seek help from a licensed professional life insurance agent.
Our finances are constantly changing over time. Since things are always in flux, determining how much life insurance you need right now can be simple.
Making sure you have enough coverage to address your family's basic needs is a great start. For assistance in developing a more precise figure and choosing the right type of life insurance, connect with me online to schedule a complimentary life insurance review.
Featured Blogs
- Health Savings Account: Is It Worth It Having it?
- The Impact of New Technology on Insurance
- Healthy Living on a Budget: How Insurance Can Help You Save on Wellness Expenses
- Protecting Your Investments: The Role of Insurance in Wealth Management
- Understanding Co-Pays vs. Coinsurance: Making Sense of Your Health Insurance Costs
- Insurance Myth Busters: Debunking Common Misconceptions about Coverage
- Understanding Your Health Insurance Deductible: Tips for Making the Most of Your Coverage
- The Evolution of Insurance: Trends and Innovations Shaping the Industry
- Healthy Habits for the Summer: Tips for Utilizing Your Health Insurance Benefits
- The Future of Work
- Emergency Preparedness: How Insurance Can Provide Peace of Mind During Crises
- Managing Chronic Conditions: How Health Insurance Can Help You Stay Healthy All Year Round
- Navigating Insurance Renewals: Tips for Reviewing Your Policies
- The Importance of Preventive Care Coverage: How Your Health Insurance can Save You Money in the Long Run
- Easy & Creative Ideas to Refresh Your Home for Summer
- Health Insurance 101: A Guide for Recent Graduates
- How Milestones Can Affect Your Coverage Needs
- Safeguard Your Medicare Number: A Guide to Avoiding Fraud and Protecting Your Benefits
- How to Fall Back Asleep After Waking in the Middle of the Night
- Embrace Strong Bones: Tips for Lifelong Health
- How to Improve the Air Quality in Your Home
- How to Avoid Muscle Loss as You Age
- The Rise of Urban Gardening
- Art of Mindful Eating: Transform Your Meals, Transform Your Life
- Fueling Your Mind with Brain-Boosting Foods
- 5 Simple Ways to Boost Your Immune System (and 1 unusual way)
- Embracing Our Roles: Renewing Our Commitment to Sustainable Living
- Tips for a Stress-Free Tax Season Experience
- Spring fitness ideas
- Inspirational women who make the world a better place
- Creating a Positive Start to Your Day
- Spring Forward: Adjusting Your Routine for Daylight Saving Time
- Gratitude - Key to a Positive Mindset
- Adopting a Holistic Wellness Approach to a Healthier You
- 3 Common Sense Things People Should Know
- Exploring Superfoods: Nutrient-Packed Ingredients for a Healthy Diet
- Unraveling the Mystery of the Extra Day
- Digital Detox: A Healthy You in a Hyperconnected World
- Financial Fitness in 2024: Budgeting and Saving Tips
- Three Joyful Habits for a Healthier You in 2024
- New Year's Resolutions: Staying Committed Year Round
- The Magic of Christmas Traditions
- Staying Healthy During the Winter Months!
- How to be a Time Management Whiz During this Busy Season
- Self-care tips for December
- Mastering the Mind: Techniques for Better Memory and Cognitive Function
- The Art of Productive Procrastination: How to Make the Most of Downtime
- Eating for Energy: Foods that Boost Your Stamina and Productivity
- How to enjoy and celebrate chilly, gloomy days
- Thriving in Your Golden Years: Strategies for Aging Gracefully and Vibrantly
- Best Dog Breeds that Suit Your Needs
- Reduce Stress: Develop Patience
- DIY Delights: Creative Projects for Seniors
- Coping with Seasonal Affective Disorder (SAD)
- Long-term Health Benefits of Physical Activity
- How to Trim Down Hidden Costs of Flying
- Best foods for hydration
- How to Experience Positive Aging (8 Tips)
- How to Improve Your Health: The 5 Main Aspects of Wellness
- How much should you actually have in savings?
- Are you underinsured for your circumstances?
- How to Build Sustainable Wealth
- How to Maintain Our Body
- Enhancing Resilience as We Age
- The Body After 60: Overcoming Barriers to Exercise
- The best herbs to grow for beginners
- Foods you had no idea you could freeze
- Is celebrating your 100th birthday no longer a dream?
- Medicare and Medicaid: Dual eligibility
- Summer Workouts for Your Dose of Vitamin D
- What’s Keeping You from Losing Weight?
- Music and Your Wellbeing
- Your NEW Social Security Statement
- How to Dispose of Unused Medications
- Smart Home Systems: Promoting a Comfortable Environment for Seniors
- Keeping Health Insurance After a Layoff
- Waking Up to the Impact of Insomnia
- How Life Insurance Benefits Women
- What experts say about raising the retirement age
- Coverage for healthcare treatment denied? Here's what you can do.
- Sharing the Road with Cyclists
- Buying Life Insurance for an Elderly Parent?
- Living Your Best Life After 60
- Buying Health Insurance: A Millennial’s Guide
- Self-Love Ideas for Valentine’s Day
- Life Without Clutter
- Set Yourself Up for Success with Your Fitness Routine
- Winter Hydration – Do I Need It?
- I’m 60+; Do I Need Life Insurance?
- Why Do I Keep Breaking My New Year's Resolutions?
- Closing Out the Year with a Smile!
- How to Enjoy a Long Layover
- 6 Cold Weather Safety Tips
- 10 Tips for Managing Cholesterol Levels
- How Much Life Insurance Do You Need Right Now?
- 3 Top Tips for Better Posture
- Building Bone Density for Seniors
- Living Outside Your Comfort Zone in Retirement
- 3 Top Habits that Lead to a Happy Life After Retirement
- Should You Insure Your Gifts?
- Everything You Need to Know When Retiring Under 65
- 7 Benefits of Slow Travel
- Utilizing Medicare Preventative Services
- The Harsh Reality of Credit Card Fees
- Keeping Your Health Insurance Affordable
- 7 Tips to Weather Challenging Periods in Your Life
- What is a Variable Annuity? 4 Key Details You Should Know
- 4 of the Best Ways to Stay Healthy this Summer
- How to Prevent Sun Damage to Your Eyes
- 3 Tips for Safer Grilling
- When the Sun is NOT Your Friend (What You Need to Know about Sun Exposure)
- Tips to Avoid Stress Eating
- Common Exercise Pains – How to Work Past Them and When to Call for Help
- Signs Your Identity Has Been Stolen (and what to do about it)
- How Does Inflation Affect Life Insurance?
- Know the Benefits of Walking
- Do Brain Food Supplements Really Work?
- Ways You Can Spend Less on Gas
- What Are Alternatives if LTC isn't Right for You?
- 4 Tips for a Less Stressful Summer
- Veteran and Medicare Benefits Work Together
- What are the Safest States From Natural Disasters?
- How to Choose an In-Home Care Provider for Your Loved One in 5 Steps
- 7 Myths About Your Back Pain
- 5 Foods that Will Help Keep Your Mind Healthy
- Don’t Throw Away Those Used Coffee Grounds
- I’m 50 Years Old. Should I Keep My Life Insurance?
- How to Spot Government Imposters
- 5 Mistakes to Avoid When Buying a Life Insurance Policy
- Happiness Through Healthy Food
- 5 Step Checklist to Choosing a Health Insurance Plan
- 5 Creative Spring Décor Ideas
- 10 Ways to Maintain Healthy Joints
- 3 Incredible Healthcare Smart Technologies Coming Your Way
- Do I Need a Long-Term Care Plan?
- Senior Diet: To Meat or Not to Meat
- How to Take Care of Your Personal Intangible Assets
- Dream All-Inclusive Trips to Escape the Cold
- How to Get Health Insurance if You’re a Freelancer
- Safety Tips for Driving in Winter
- Ways to Locate a Lost Life Insurance Policy
- Critical Times in Life that You Need Life Insurance
- Giving and Forgiving
- Why Buy Life Insurance on Children
- Things We Are Grateful for This Year
- What to Avoid When Switching to Medicare from the Public Health Exchange
- How to Host a Successful Virtual Holiday Party
- Is One of These Factors Keeping You from Seeking Life Insurance?
- Ben Franklin: Father of Modern Insurance
- Who Invented Insurance Anyway?
- Common Senior Micronutrient Deficiencies
- The Art of Aging Well
- Insure What? Celebrity Body Parts Insured
- Using HSAs In Your Retirement Planning
- 6 Strange Insurance Policies You Can Buy
- How Valuable Is Cash Value Life Insurance?
- Mistakes You can Make When Exercising at Home
- Why You Should Never Lie to the Underwriter
- Forget Salad Recipes, Try a Salad “Matrix”
- Will My Life Insurance Policy Cover Me If Something Happens While Traveling?
- I’ve Been Denied a Life Insurance Policy. Now What?
- Bucket List Ideas and Why It’s Important
- Getting Fit Before the Medical Exam
- The Basics of Insurance APIs
- 8 Gas Savings Tips During Summer
- How to Stay Hydrated During the Summer Season
- Safety Tips for Outdoor Barbecues
- What You Don’t Know About Senior Fitness
- The Last Guide to Chair Yoga You’ll Ever Need
- Sleep Care is the New Self-Care
- Adapt Your Home for Safe Mobility
- Best Nutrition Apps
- Reducing Stress Through Music
- How to Live Without Regrets
- Power Foods that Lift the Spirit
- Benefits of Grateful Living
- Remote Activities You Can Do with Your Grandkids
- Post Pandemic Travel Tips
- Exercises for a Sedentary Lifestyle
- Life Insurance for Your Newlywed Child
- Preventing Heart Health Issues