How Much Life Insurance Do You Need?

Updated: Jun 16, 2020

Like any other type of insurance, you can decide which life insurance options best meet your needs. You determine how much coverage you need (from $5,000 up to a $1 million policy), how long you need it, who's covered, and when you pay your premiums.

Usually, you can choose to pay monthly, quarterly, or annually for 10, 20, or 30 years of coverage, though lifetime coverage is also available.

If you just started a family, consider a 20-year term that would provide a financial safeguard for your kids until they’re at least 18-21.

If you don’t have children, a 30-year term may be a better option. A 10-year term may be the best fit if you’re looking to supplement another policy, you’re closer to retirement, or your financial situation is tighter but you want to provide at least some protection for your loved ones. If you’re a homeowner, you may want to consider how many years are left on your mortgage when deciding on your policy length.

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