How Much Life Insurance Do You Need?

By Brant Duncan

July 31, 2013

When trying to determine the amount of life insurance you need, the first step is asking yourself a question. “If I were to die tomorrow, how much income would my family need to continue without my financial contribution?”

The rule of thumb is 25 times the amount of your annual income. For example, according to city-data.com, the median income for Wooster, Ohio in 2009 was approximately $38,000. Take that number, multiply it by 25 and you get $950,000. Nearly a million dollars, this seems like a ton of money to leave to your family but it is not when we explain how it should be use d.

Larry Light, a contributor to www.forbes.com wrote “A good conservative estimate for the yearly income that a lump sum generates is 4%.” The $950,000 that we used in our example, invested at 4% would generate for your family $38,000 a year.

How can this resident of Wooster that makes $38,000 a year afford close to a million in life insurance? A common mistake people make is to believe Life Insurance is too expensive. On average it is as affordable as cable television and most of us pay for this service on a monthly basis. How can we justify having a cable plan and not a life Insurance plan? The truth is that cable is one more thing they won’t be able to afford if they are left without a plan, they will continue to drown in bills that can’t be paid without your income. A life insurance plan can be the life saver that you throw to them in the storm.

There are two main types of life insurance, Term and Whole Life. Term is less expensive and offers an amount of coverage for a period of time 10, 20 or 30 years in which for that time you rent the amount of coverage. Whole life is a plan where you are purchasing the amount of coverage for the rest of your life and the payments you make to the plan build cash value.

Two tips to keep the price down are to stop waiting, the older you are the more expensive it becomes. Companies know that with age come more risks to your health. The next tip is to buy Term first; a characteristic of this type of life insurance is that it can be converted to Whole Life at the end of the time period. Buying term at a younger age will allow you to apply for another policy later in life without having to prove you are in good health.

Blog Archive
Related Topics
Comments (58) - Post a Comment
converto at 4:43am EST - February 19, 2017
Finding a plan for seniors is much difficult nowadays. The plans are becoming so expensive that seniors can't even bother to try to get a policy. But to struggle with the inflation having a policy is essential.
Linda R. at 8:25am EST - March 6, 2017
Vidmate is an app that lets you download videos and songs from the Youtube, Metacafe, Vimeo, Soundcloud and from other popular multimedia websites. This app lets you download any number of videos or songs of various qualities. Yes, you can download any quality of video or song that you wish to. You can download full HD (High Definition) videos here too. All official and working download links are provided over here and you don’t need to bother about that at all. It lets you watch the videos or songs directly without having them to be downloaded.
vidmate for android at 5:16am EDT - March 25, 2017
Vidmate is an app that lets you download videos and songs from the Youtube, Metacafe, Vimeo, Soundcloud and from other popular multimedia websites. This app lets you download any number of videos or songs of various qualities. Yes, you can download any quality of video or song that you wish to. You can download full HD (High Definition) videos here too. All official and working download links are provided over here and you don’t need to bother about that at all. It lets you watch the videos or songs directly without having them to be downloaded.
Download :- vidmate
brawn strom at 5:17am EDT - March 25, 2017
It’s always so sweet and also full of a lot of fun for me personally and my office colleagues to search your blog a minimum of thrice in a week to see the new guidance you have got. Download Happy Mother’s 2017 Day Pictures And Photos Collection
Iranna at 1:56pm EDT - April 29, 2017
Jury at 1:23am EDT - June 17, 2017
By and large it is as moderate as satellite TV and a large portion of us pay for this administration on a month to month premise. A disaster protection design preserve be the lifeline that you toss to them in the tempest Do My Essay For Me. Organizations realize with the aim of with time approach more dangers to your well being.
Christopher Nolan at 1:25am EDT - July 11, 2017
Term protection is intended to give passing insurance to a positive and restricted time frame, for example, One Year Term,
do my homework
Susan James at 6:29am EDT - July 12, 2017
All inclusive life is one of my slightest most loved items - I"m totally NOT a fan, in light of the fact that the cost of insurance, keeps going UP each year.Cheap Assignment Writing Service you need to OVER pay for the arrangement, so as to have additional cash in the insurance agency's record, winning enthusiasm, to help counterbalance the additional cost of the protection consistently.
Merissa Kate at 4:27am EDT - July 20, 2017
Overall it is as moderate as digital TV and the vast majority of us pay for this administration on a month to month premise. How might we legitimize having a link design and not a life coverage design? In all actuality link is one additionally thing they won't have the capacity to manage Do My Homework For Me the cost of on the off chance that they are left without an arrangement
Alina Olive at 3:07am EDT - August 8, 2017
Insurance proceeds are a convenient wellspring of money to pay the expired's obligations, memorial service costs, and wage or bequest charges. Individuals who have no minor kids or fiscally strapped wards may not require disaster protection. Underneath you'll discover things to ask yourself to help assess custom dissertation help your disaster protection needs.
StevenStone at 2:00am EDT - August 17, 2017
WordPress or go for a paid option? There are so many choices out there that I
halloween 2017 at 12:16pm EDT - September 20, 2017
please use this link for hacking the game name for angry birds match cheatsAngry Birds Match Cheats
Angry Birds Match Cheats at 12:20am EDT - September 26, 2017
Did you know there are some vital rules you ought to take after when searching for the correct PC gear merchant? On the off chance that you don't take after these rules you'll wind up getting ripped off or with the wrong sort of innovation. I've seen numerous organizations not have the ideal individuals chipping away at their innovation division (IT) and their profitability is seriously constrained as a result of it. visit website
Robbins at 7:25am EDT - September 27, 2017
On the off chance that you need to ensure your family against the annihilation of your business or bequest charges after your demise, entire life or all inclusive life coverage must be considered. Be that as it may, if your fundamental concern is to secure your family against lost your pay, term protection is the approach.
get assignment help online at 6:49am EDT - October 16, 2017
The main element to strong cleaning your property is establishing a plan. This isn
deep cleaning at 8:59am EDT - October 22, 2017
Such an amazing post. Thanks for sharing this
Dell Tech Support at 7:26am EDT - October 25, 2017
I really liked your blog article.Much thanks again. Will read on
Lenovo Customer Service at 5:28am EDT - October 26, 2017
GOOD POST
TP-LINK ROUTER PHONE NUMBER at 4:29am EST - November 6, 2017
As December 25th approaches, we've found ourselves saying "Merry Christmas" to everyone from our grocery store cashier
to our family members. But have you ever stopped to wonder where the phrase "Merry Christmas" comes from? In a world
where it's normal to say "Happy Easter" and "Happy Birthday," the "merry" in "Merry Christmas" is unique.
Furthermore, happy, which came from the word "hap," meaning luck or chance implies good-fortune. Meanwhile, "merry"
implies a more active showing of happiness
Merry Christmas Wishes at 5:57am EST - November 10, 2017
thanks for sharing this lovely blog with us. its really beneficial for us.
lenovo customer care at 6:30am EST - November 10, 2017
AP 10th class Examinations 2018 is expected to release the AP 10th Results soon on their official website i.e., in the
month of May 2017. There is no update regarding the exact date of results announcement. But, it is known that the
BSEAP board is making all the necessary preparations for announcing the results on the web as soon as possible in the
form of grades at first and later the marks. So, we advice the students to maintain patience for some more time and
keep checking this page regularly to get the latest information regarding the AP SSC Regular Examination Results 2018
from time to time.

Assam 10th results
DSEAP 10th Class Results
bihar 10th results
Telangana SSC Results at 7:12am EST - November 10, 2017
Jio has launched a mobile named as JioPhone on 21st July. Now to buy this mobile, you do not have to pay Rs 500. The
Jio Mobile will be available for Free as announced by Mukesh Ambani. But you will have to deposit a refundable
security amount of Rs 1500 for Pre-booking. Full security will be refunded after 3 years. JIO Free phone will get Free
Voice Calling (lifetime Free Unlimited Calls).


jio tv
M-tech G24 Phone
Jio Phone at 8:02am EST - November 10, 2017
Vidmate apps are also included in order to access and download any kind of app and games on your Android device with
this app. Vidmate is an occasion which will help you in order to download Internet videos directly from your
smartphone. The application is very much compatible with most sharing and streaming sites and it is also available
with multiple downloads at a time.
vidmate download
vidmate app download
Vidmate app at 5:27am EST - November 12, 2017
PhotoMath does just that, utilizing your smartphone's camera to quickly solve math problems.

PhotoMath only works with printed text, so unfortunately it won't be solving your scribbles anytime soon; you'll need
a printed sheet of paper or a textbook.

You then position the math problem you want solved within the red frame and PhotoMath does the rest, crunching the
numbers and popping out an answer.


photomath calculator
photomath on computer\
Photomath app at 6:02am EST - November 12, 2017
The first thing to do is to check the current version of the Google Play with your device. It is important to have the
latest version of the app in order to enjoy all facilities.The Google Play Store is the official app store to get
access to millions and millions of applications that are categorized under various options like movies, music, sports,
Television programs, books, etc. There is no dearth of the kind of apps that you would find in this official Play Store.
play store update
play store free download for mobile samsung
Google play store app at 10:38pm EST - November 12, 2017
Navient is a U.S. corporation based in Wilmington, Delaware, whose operations include servicing and collecting
on student loans.Managing nearly $300 billion in student loans for more than 12 million customers, the company
was formed in 2014 by the split of Sallie Mae into two distinct entities, Sallie Mae Bank and Navient.
Navient employs 6,000 individuals at offices across the U.S.
navient student loan login
navient student loan forgiveness
Navient Student Loans at 11:38pm EST - November 12, 2017
Using other people
Easybib at 12:04am EST - November 13, 2017
Jawaharlal Nehru Technological University which is one the major university in the state of Telangana and
Andhra Pradesh. This University has given affiliation to many of the colleges for many engineering courses
in the Telangana and AP.Here are the JNTU Results of Regular and supplementary of JNTU University.JNTU is one of the
largest university among the south indian universities.JNTU has various branches in 3 regions which are in Hyderabad,
Ananthapur and Kakinada which is shortly called as JNTUH, JNTUA and JNTUK.


jntuk fast updates
jntuh updates
JNTUK Updates at 1:26am EST - November 13, 2017
best dating apps amazing post
Thanks for sharing
Tinder openers at 5:01am EST - November 14, 2017
I am searching for a life coverage strategy for my mom and sister. My mom is 52 and my sister is 16. What might be the most excellent place to go for that? She has had issues with her heart previously however it is fine at this point.
Essay Writing Company at 7:18am EST - November 29, 2017
I am very happy because I can get enough information perfect for me, Maybe I'll let my friends know that I've found a site that provides incredibly good information, Thank you very much because you have been willing to share these interesting things to us all, best regards and good luck always


Obat Gondok Obat Lipoma Di Apotik Obat Luka Bakar Di Apotik Obat Gatal Di Apotik Obat Benjolan Di Penis Obat Parkinson Obat Sakit Telinga Obat Benjolan Di Ketiak Obat Herbal GERD Obat Penghilang Koreng
Richi at 1:44am EST - December 25, 2017
No one can guess that how much insurance he needs. However, many people who need to get cheap dissertation writing services, their needs are different than other people.
Chris Greenwalt at 12:26pm EST - December 28, 2017
very Help Full Post. Look Some Different here at IAS Preperation
Tom at 8:40am EST - January 27, 2018
Technical support may be delivered by the different technologies depending on the situation. For example, direct questions can be addressed using telephone calls, SMS, Online chat, Support Forums, E-mail or Fax by Microsoft Paint customer service for the worldwide user.
Microsoft Paint Customer Support at 4:13pm EST - February 19, 2018
This University has given affiliation to many of the colleges for many engineering courses
in the Telangana and AP.Here are the JNTU Results of Regular and supplementary of JNTU University
Microsoft customer support at 7:19pm EST - February 27, 2018
vidmate at 1:53pm EST - March 3, 2018
Eastern Christianity bases its calculations on the Julian Calendar. On account of the 13-day gap between your calendars in between 1900 and 2099, 21 March corresponds, during the twenty first century, now to 3 April at the Gregorian Calendar. Easter therefore varies among 4 April and 8 May in the Gregorian calendar (the Julian calendar is not any longer employed because the civil calendar of those countries where Eastern Christian customs predominate). Also, since the Julian "full moon" is always a few days after the full moon, the eastern Easter is often after, comparative to the visible moon's stages, compared to western Easter.

Read more about happy easter images 2018 and good friday images 2018


On the list of Oriental Orthodox some churches have shifted in the Julian to the Gregorian calendar and also the day for Easter as for additional stationary and moveable feasts is the very same as from the Western civilization.

Happy Easter 2018 at 7:30am EDT - March 22, 2018
I am very happy today, because right now I find the best reference for this. Because I'm trying to write something about what you've shared this. I'm really very happy.
Thank you very much, best regards and hopefully healthy always.

Cara Alami Mengobati Encok Obat Herbal Sesak Nafas Obat Penghilang Jerawat Meradang Obat Herbal Kandung Kemih Obat Gastritis Cara Menyembuhkan Nyeri Lutut Cara Menghilangkan Jerawat Bruntusan Cara Mengatasi Kaki Pecah-Pecah Obat Batuk Rejan Cara Menghilangkan Nyeri Saat Haid
Souljah at 2:40am EDT - March 31, 2018
This is very great and brilliant information.
How to contact netflix customer care at 12:45am EDT - April 18, 2018
wiliam at 2:12am EDT - June 26, 2018
Thanks for sharing this awesome Blog.
kumar rahul at 2:39am EDT - July 13, 2018
Nice post.
online class help at 10:05am EDT - July 24, 2018
Excellent and valuable stuff.
Take my online class at 10:05am EDT - July 24, 2018
I humbly disagree. Life insurance isn't as affordable as paying a cable or telephone bill but still it is not that hard to get yourself a life insurance policy and it will all be worth it since you will be leaving something behind for your loved ones.
Ezins at 4:29am EDT - August 2, 2018
As said in the article how much life insurance you need depends on how much you want to leave for your family. It's better to discuss it with an agent.
Stromsoe Agency at 2:05am EDT - August 4, 2018
RATHWA VIPULBHAI at 11:22am EDT - August 26, 2018
RATHWA VIPULBHAI at 11:23am EDT - August 26, 2018
RATHWA VIPULBHAI at 11:23am EDT - August 26, 2018
RATHWA VIPULBHAI at 11:23am EDT - August 26, 2018
RATHWA VIPULBHAI at 11:24am EDT - August 26, 2018
This is very great and brilliant information. Family protection plan Pakistan
Mawazna.com at 4:21am EDT - September 7, 2018
Great Post..... Your page contents are great and informative. I really enjoy your blog and you should keep posting this type of great blogs.. Thanks Buy Arm Chairs Online
Furnitures Fit at 1:51pm EDT - September 11, 2018
http://www.youtube.com/

http://www.pemuasnafsu.net
http://nontonvideobokep2015.blogspot.com
bobi at 8:24am EDT - October 2, 2018
doyanbet at 8:24am EDT - October 2, 2018
bp88 at 8:25am EDT - October 2, 2018
osg toto at 8:25am EDT - October 2, 2018
remi88 at 8:38am EDT - October 2, 2018


Post A Comment


Name: (*Required)
Email: (*Required)
- Not Displayed With Comment
Website:
Comment:
 

« Back to Blog

Getting Started

We will contact you in a day to understand your needs, then send one quote comparing your best options from multiple companies.

Contact Us


Testimonials