Calculating how much term life insurance coverage you need is important before you begin the process of shopping for the policy. This is determined by a look at your personal circumstances. The best coverage for you includes your family’s current situation, as well the various obligations and potential changes which may occur.
A calculation based on your income is a good figure to start with. A general recommendation is to take your income and multiply it by ten. Once you have that figure, factor in potential reductions such as:
- Dependents reaching adult age
- Continued income of your spouse
- Elimination of mortgage and other debts
- Savings in excess of retirement plans
These circumstances may reduce the amount of insurance your family needs.
We can help you with any questions you may have in finding your best level of life insurance coverage. Our many years of experience enable us to help any family, in any situation.
We have a free calculator available to help you calculate your term life insurance needs.
Will I always receive the price quoted from the carrier I apply to?
We make every effort to give you the most accurate and realistic proposal based on your personal circumstances. Each life insurance company has their own set of underwriting guidelines that you must meet in order to qualify for coverage. And while most companies share similar guidelines, each life insurance company varies in their flexibility with those guidelines. Their review will include factors such as: height, weight, medical history, family medical history, and driving record. If after the underwriting process you do not receive the rate quoted, the life insurance company will typically offer an alternative. You may accept or decline it, at no cost to you.
Term Life Insurance – What payment plans are available?
Your quote will include premiums on an annual basis. Other options include monthly, quarterly, and semi-annually. Annual plans usually represent the best value. Most companies will offer a discount for annual payment.
It only takes minutes to begin the process of protecting your family. Go to BestTermLife.net to obtain a free quote, compare coverage, for educational resources and apply for coverage.