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• Why Should I Buy Life Insurance
• How Much Life Insurance Do I Need
• What Are The Principal Types Of Life Insurance
• How Should I Choose What Type Of Life Insurance To Buy
• What Are The Types Of Term Insurance Policies
• Do I Need Life Insurance
• Which Type Of Life Insurance Is Best For Me
• Permanent Or Whole Life Insurance
• Variable Life Insurance
• Universal Life Insurance
• Universal Variable Life Insurance
  

It depends on your situation. Several key questions follow below to help give you an idea of signals pointing to "yes".

1. Are you married?

2. Own a business?

3. Dependent children?

4. Other dependent relatives? (seniors, disabled)

5. You possess a formidable estate

6. Currently have major financial obligations? (mortgage, multiple loans)

A good life insurance policy would handle the financial responsibilities you left behind so family members wouldn't be burdened. Unlike the funds from an estate, the benefits from a life insurance policy will shoot straight to the beneficiaries, without any roadblocks.

How Much Life Insurance is Enough?

A good rule of thumb is to aim for a policy that will cover 2-6 times your annual income. If your yearly income is $50,000, then a policy from $100,000 - $300,000 should be sufficient. Again, it depends on your personal situation. Take into consideration the rate of inflation, potential college tuition costs, or large loans and home mortgages. If you have two children who plan on attending college, current tuition prices range anywhere from $10,000 - $30,000 per year, with the high end range focusing on private universities. Expect that range to increase anywhere from 5-10% within the next 5 years.

Article by: Insurance Finder

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