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Figuring how much life insurance - - -

March 21st, 2007 at 02:28 am

I've always struggled with this one. I've read you should have 10-20 times your income in life insurance. But, to me that is so general. What about those that don't have debt, or very little debt or those that are in over their heads?
But, I was going through the Suzeorman.com and clicked on Women and Money site and in the 5th month down on the bottom there is a section with a worksheet. This worksheet is excellent!!!!
I sometimes worried that we didn't carry enough, but in actually we have more than enough. I also needed to figure this out this year as my 10 year term policy is almost over and everywhere I read the rates are down. So, I will be checking out pricing.
If anyone has done this lately and knows the best places to try -- let me know. Thanks a bunch!!! I currently am insured through Prudential.

2 Responses to “Figuring how much life insurance - - -”

  1. yummy64 Says:

    You likely know this - but do not cancel your current policy until you have your new one safely in hand.

    Cheapest type of insurance is yearly renewable term. Unless you are in a risk category you want to get someone to get you quotes from a whole lot of insurers to find you coverage. Do not go to a captive agent - one who can only get you quotes from the company that sponsors them. Ask around if someone has a great broker and shop around and get a couple to do quotes for you.

  2. YOUCANDOIT Says:

    Yummy64 thanks for all the advice.

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