HOW MUCH LIFE INSURANCE DO I NEED?
A general rule of thumb is to purchase a policy equal to ten times your annual income. You may need more or less coverage depending on several factors including:
Your total household income
Whether or not your spouse works outside the home
The number of children you have and their ages
How close you are to retirement
Your savings and investments
The amount of debt you have including your mortgage
DO’S AND DON’TS WHEN BUYING LIFE INSURANCE
Do disclose details about your health history up front. This will allow us to recommend the company that will treat you the most favorably and offer the best rate.
Do make sure you’re able to afford the premium payment. Insurance companies will allow you to pay annually, semi-annually, quarterly, or monthly but they’ll charge you a small amount of interest if you pay other than annually.
Don’t schedule doctor’s visits during the underwriting process if at all possible.