Term Life Insurance Calculator: How Much Insurance Do You Need?
What is Term Life Insurance?
Term life insurance includes a death benefit that expires in a set number of years and provides financial resources for your dependents when you pass away. Your dependents receive the benefit if you die, as long as the policy is in effect. Your dependents will not receive the benefits is the policy lapses, or you die after it expires.
How Much Coverage Do I Need?
Once you understand the importance of insurance coverage for your loved ones, you can purchase a policy that meets your needs. Most experts suggest that you buy a term life policy with a death benefit equal to eight to 10 times your annual income. There may be other considerations that you need to factor in when making your decision. You may have a child with special needs, or you may be the sole income earner for your family. In these cases, you may need a higher amount of life insurance.
Our Term Life Insurance Calculator comes in handy to calculate the amount of life insurance you need by using several factors. Those factors include:
If you already have a policy but your income, family size, expenses or needs have changed since you bought it, our Calculator will ensure that your policy is adequate. Contact us with any questions and for additional assistance in purchasing insurance coverage that gives you and your loved ones the peace of mind you deserve.
For assistance call 1-800-963-6405 (Toll Free) 6:30 a.m. to 5:00 p.m. Monday through Thursday and 6:30 a.m. to 4:30 p.m. Friday Pacific time.
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