ne of the most common multiplying your salary, for
questions asked is how much instance, purchasing 5 times or
life insurance should I 10 times the amount of your
purchase. While there is no set salary.
answer, each individual and
family needs to look at their Other financial planners, advise
exact needs and situation. Here you to look at your family or
are some broad factors to spouses expenses for the amount
consider. of years that you want to cover
them and figure out how much
Look at your current and future money they will need to live
needs. If you have a family or a comfortably. Many financial
spouse that is largely dependent planners and life insurance
on your wages to live, you might agents have special formulas that
want to make sure that you have a can figure out how much insurance
life insurance that will cover you need for your age and level
your family and spouse for 20 of coverage you want to provide
years or more. Some people your spouse and children.
usually go with the philosophy
that you are better off over Many people want to make sure
insured, then not having enough that their family is very
insurance. comfortable in the event of a
death. For instance, a policy
Some financial planners state might take into consideration the
that at minimum, you should at cost of a home, car loans,
least have a policy of 15K to maintenance of assets and
cover burial and all final education costs for children.
expenses. In addition, some Usually the more dependents, the
financial planners advise you to more insurance is necessary.
purchase life insurance by
Some consumers that are buying take care of any final expenses
life insurance don’t necessarily such as funeral costs and taxes,
purchase it to care for you might decide you do not need
dependents, but to cover estate to purchase life insurance at
taxes or to give an inheritance all.
to their heirs. Usually these
types of policy holders are One thing is for certain, make
already well off or no longer sure you put lots of thought into
have bread winning the amount of life insurance you
responsibilities that make it do purchase and talk to a
necessary to care for small financial planner, accountant or
children or a spouse. insurance agent to learn more
about how much life insurance,
Lastly, if you are single, do not you personally should purchase.
have any dependents and have an
adequate amount of savings to
About the Author:
Connie Barker is the owner of several financial websites including those dealing with Life Insurance Coverage
Read more articles by:
Connie Barker
Article Source: www.iSnare.com 
