How much life insurance do I need?

How much life insurance do I need?

In most cases, you should think 5 to 10 times your yearly income in life insurance. This can vary of course and will depend on a number of factors, however, should the worst occur, your loved ones would be facing devastating grief and a financial crisis. Life insurance can help!

Some factors that can contribute to how much life insurance you ultimately need:

• Income

• Number of beneficiaries

• How long your beneficiaries will need financial support

• A mortgage or other debts

• Any future costs you would want to include such as college and higher education

• Any investments or assets you hold

There will never be a better time to lock in your protection and protect your family than now. Since rates are based on age and good health, it will never be cheaper than it is today. It’s also a fact that the longer you wait to buy life insurance the more risk there is that your health could change making a policy either more expensive or simply not available.

For anyone with a family, it’s imperative that you get some life insurance as quickly as possible. Some coverage is better than no coverage. As your needs evolve and things become clearer, you can always change or update your policy. In the meantime, you will have protected your family.

As independent brokers, we at Michael Greco Insurance can help you figure out how much life insurance you need and the least expensive way to buy it. Based on your unique situation, we will shop the top insurance companies to find you the most affordable rates for your individual and business needs.

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