Answers in Life Insurance

Life Insurance provides the policy holder with the reassurance that their death would not cause their loves ones financial hardship. This will help you navigate the complexities of life insurance to determine which type of life insurance policy would best suit your needs.
2 votes
Joe Soto Level 15
Hello Eve, To answer your question about how much you need no one here can say. There are a number of factors to consider like mentioned by everyone here. As for a formula, many people will use 8 to 10 times their salary. However this is a very fast ...(more)
1 vote
A variety of factors go into determining how much life insurance is necessary for you and your spouse. If you are using a life insurance contract as an income replacement tool in the event of your untimely death, then you need to determine the costs that ...(more)
2 votes
Rich has the right idea. Each couple's situation is unique and there are a variety of factors that come into play in arriving at a decision on the amount of life insurance is appropriate for each spouse. Ultimately, the goal of most insurance plans should ...(more)
6 votes
Brad Raines Level 15
There are endless Rule of Thumbs, calculations, and strategies for determining how much life insurance you need. The difference between an Insurance Salesperson and an Insurance Advisor is that the Advisor will help you determine your actual need while ...(more)
5 votes
Anil Vazirani Level 8
The best way and simplest way to ascertain the total amount of life insurance coverage you need can be based on your debts, replacement income for surviving spouse, and funding of kids education. In my 20 years the most effective financial planning tool ...(more)
2 votes
Rich Winer Level 20
Tanya, While all of the answers you've been given are theoretically correct, the one and only answer that's correct in all situations is... IT DEPENDS. It depends on your financial situation as well as your goals and objectives. The second part of my ...(more)
4 votes
Hi Tanya! Women are often interested in feeling secure, so having life insurance on the husband is desirable. Many men are comfortable with a more risk and they feel like they would be OK financially without insurance on the wife. I like to think of life ...(more)
2 votes
Life Insurance isn't just for dying, this is the byproduct of financial entertainers leading the discussion on life insurance. True financial planners look beyond the dying aspect. It is useful during your lifetime if you become disabled, send children ...(more)
2 votes
Don Unger, MSFS Level 18
First, in cases like your's I like to make sure that should either partner die unexpectedly, that there is enouh money to pay off the mortgage and any debt and provide enough extra to offset the loss of income. There are two ways to calculate the amount ...(more)
2 votes
There are definitely " Pros and Cons". Like everything in life, its a matter of weighing them against your particular situation. Here is an orderly way to do that: http://www.completeadvisors.com/2012/03/08/ignore-life-insurance-at-your-own-peril/
5 votes
Hi Eve, There are several ways to figure out how much life insurance a person needs. One method you could use is: Add: - How much is your mortgage balance? - Total amount of any existing debt (school loans, credit cards, other loans, cars, etc)? MINUS - ...(more)
6 votes
Dear Sara, I'm sorry that you have been diagnosed with cancer. I can only imagine how you may feel. With most life insurance policies, you have to complete an application as well as a medical exam (and the insurance carriers will order medical records ...(more)
7 votes
Yes, it is very important that both spouses have life insurance coverage. Many times people overlook the fact that a stay at home mom is a very important job that if you put a dollar sign on it, you would be surprised at what a high salary it would be. ...(more)
4 votes
While each situation is different, most of our firms clients are retired and have sufficient assets to last them the rest of their lives - not a situation where life insurance would normally be considered as "needed". However, there is a niche but significant ...(more)
11 votes
Hi Tayna, The answer is yes. Everyone else has already done a good job answering your question, especially Bob speaking from personal experience. Even before I started my investment advisory business I sold life insurance for years. I always advised couples ...(more)
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