How Much Term Life Insurance Should I Purchase?
A general rule of thumb when purchasing life insurance is to get enough to equal four-to-five times your annual salary. Another consideration: the estimated lifetime cost of raising a child is over $200,000*, not including the cost of a college education.
These are things to keep in mind when determining how much term life insurance you need to purchase:
- Does your spouse work? If not, you may need additional coverage.
- What kinds of future family expenses do you want to cover? (Daily expenses, future college tuition, etc.)
- Are you planning on having more children in the future?
Welcoming a new child into your life is a wonderful gift. Make sure to protect your child’s future by buying a term life insurance policy.
Give us a call toll free at (888) 882-8224 to find out more about purchasing term life insurance. Our experienced insurance agents can help you find the right policy for you.
You can also request a term life insurance quote online by clicking “Get a Quote” above. Just fill out our simple health questionnaire, and our licensed agents will get in touch with you with a quote shortly after you submit your request.
*U.S. Department of Agriculture, “Expenditures on Children by Families,” June 9, 2011