Online Life Insurance Protection How Much Do I Need?
There are a lot of people getting quotes for life insurance online. The quotes requested are usually for standard amounts of 50,000 to 500,000. The amounts requested often indicate that most people have not taken the time to calculate the amount of life insurance that they need. This often leads to early policy terminations because a real need was not established at purchase. It is very helpful to determine actual needs and then purchase amounts accordingly.
Basic Needs Purchase an amount of life insurance to cover the basics.
1.Final Expenses This your basic burial expense need. Choose an amount and enter it into a calculator.
2.Mortgage Balance Add your mortgage balance to the final expense amount.
3.Short Term Debt Add your entire installment loan and credit card balances to your final expense and mortgage balance totals.
Now you can purchase a basic need life insurance policy amount based on actual needs.
Additional Income Needs The next level of a needs based plan might include a life insurance amount to replace income during an adjustment time period of your choice....
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