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Life Insurance

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How much Life Insurance Do I need

There are 4 things to consider when buying Life Insurance

1, Income Replacement; from when you start a family until you retire, you need to protect your loved ones from the unlikely event that you or your working spouse is unable to earn income. Most experts say that the amount of Life Insurance Protection for income replacement is roughly 10 x your yearly salary.

2, Debt; Will your family be able to pay off all your debt if something were to happen to you. One thing you might consider is not just the amount of debt, but how long you will have that debt. As you approach retirement, some or all of your debt will be paid off and you will no longer need this protection.

3,The loss of up to 1/2 of your social security income when the first in the marriage passes. The number one demographic going into poverty is widows. This is a serious concern that frankly most people just do not anticipate.

4, The final thing to consider is what a major health event would do to your retirement savings. On average every married couple in America will spend over $200,000 in out of pocket medical bills after retirement. You could imagine what a $200,000 expense would do to most couples, especially with no new income coming in the household. Many of today’s Life Insurance policies today will cover many of these health event.