Many people know that they need life insurance so that they don’t leave their family with expensive bills to pay, but most people have no idea how much coverage they need.
Would $5,000 be enough for your family? $20,000? $400,000? Every family has different needs, so life insurance isn't a "one size fits all" product. There are many different types of coverage and a wide variety of face value amounts.
When thinking about how much coverage your family might need, consider how much debt you currently have, how much of your income they'll need to replace, and how much your funeral will cost. You also have to consider that you may leave behind expensive medical bills when you pass away, so your family may need a little extra coverage. Funeral prices average around $10,000 in the U.S., so if you're unsure how much your funeral is likely to cost, you can use that as an estimate.
If you need help calculating how much life insurance your family will need, use our life insurance calculator to estimate how much coverage you need. Knowing this amount will help your life insurance agent understand what your family's needs include.
It's also important to remember that life insurance isn't something you might need; it's something that you do need. Although we don't like to face the fact that we'll all pass away someday, it's something that we need to be prepared for so that our families won't have to suffer when we're gone.
If you'd like a licensed agent to contact you about getting life insurance coverage, fill out the form to the right and we'll have an agent in your area contact you. Feel free to browse our website for more information on our products.
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