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HOW Much Coverage in Life Insurance


cheap life insurance miami How much coverage do I need in a Life Insurance?As it usually happens with other types of insurance the key question you should ask yourself is:

How much coverage do I need in a Life Insurance?”

The answer is: “It depends” Although the experts suggest that a good way to purchase a life insurance is calculating the coverage on the base of between five and eight times the amount of your present earnings, the final decision concerning to your necessities is on you.

The amount of coverage of Life Insurance needed...

...depends on several factors: whether you have dependents (people who depend economically on your earnings) or not, how much you think they will need after your demise (for immediate expenses as well as for long term ones) and your present financial situation. Let’s have a look on how these factors can influence on your decision:

Do you have dependents?

If you are single or without dependents (it means a spouse, children, elderly parents, etc) depending on your financial support of your earnings, you possibly do not worry to leave financial benefits after you death. You can also decide you do not need the protection of a life insurance or think it is not the investment you want to make.

Perhaps you can considerbuying a life insurance as a way of canceling the expenses related to your demise (funeral, burial expenses, taxes, outstanding debts, etc) such as give the death benefit to the person or institution of your election, such as a friend of your, a charity organization, or a university.

If you have family at your expense (children, elderly parents who rely on your support, or a spouse or concubine who does not work) you have different needs of life insurance comparing with a person that is financially responsible just for his/her own life because..

...You Have More People Depending on You and Your Earnings.

If you are a single father or mother, how will your children be financially maintain if you die?

Do your relatives or friends have the necessary sources to assume the responsibilities related to your children without a life insurance?

If you are divorced and receive alimony, what would you do if your ex-spouse dies and you do not receive it anymore?

What will happen to your children if the pays for alimony from your ex-spouse, stop coming after his/her demise? That’s why many agreements of divorce include the purchase of a life insurance policy.

The beneficiaries of this policy can be your children, in a trust.
What would happen if your partner stops working temporarily or permanently?

Or if you or your partner dies, will you and your family be able to live on without your present earnings?

Or, what would happen if you or your partner decided to return to the labor market temporarily or permanently?

And what about if he/she dies and this person is the breadwinner...

...Who will pay for someone to take care of your children or elderly people under your responsibility at home?

In case that you and your spouse both work, what would it happen if any of you dies?
Will the surviving spouse stay at home and pay for the maintenance, school and the rest of the family necessities?

Suppose the case that you and your spouse manage a small company, will you or your partner be able to take control of the company and manage it in a profitable way if one of you two has disappeared?

It is important to think seriously about what type of protection you want to provide to your family in case your demise leave all those people at your expense without the financial help you provide to them at present.

Considering the case that the family at your expense, think about how much they will need to survive after your death. For example:

What amount of money do you want to leave them to cover the expenses after your demise?

And again, for example:

What amount of money will they need to pay for the immediate expenses such as medical services, funeral and burial charges, etc?

How much will your dependents need for the permanent and daily expenses?
To know this amount you have to sum the quantities you would to need cover all these needs on an annual base previously paid with your earnings (such as: food, transport, clothing, schooling, etc) and multiply the quantity obtained by 5, 10, 15, 20 years and so on, with the aim to determine the amount of money your family will need after your demise.
How many outstanding debts you have to cancel at present (it means, mortgage, car payments, education loans, etc)

and how much will your family need to cancel all these commitments after your death?

Which long-term goals do you have for the family at your expense you wish they will be able to afford in case of your demise (it means, paying your child’s university carrier, providing care to your elderly parents, etc) and how much will they need to reach these aims?

Once you have evaluated your family’s immediate and long-term goals, you will be able to determine the amount of money they will need to afford all these expenses after your death. You also have to consider any other benefits your family can receive after you die (social insurance, death benefits proceeding from your work, pension, retirement, any insurance policy given by the employer, etc).

In other words: although the main rule to buy a life insurance coverage is to calculate it on the base of eight to ten times your salary, you can get more accurate help respect to the ideal amount using the previous analysis and the sources listed on the following section. To know more about life insurance options and determine the levels of life insurance coverage suggested, you should visit:

Life and Health Insurance Foundation for Education, life Insurance calculator; Insurance.com; Insweb.com; Insurance Information Institute; and Selectquote.com

 
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