— Mar 8, 2023 —
Published in LIFE INSURANCE
on MoneyUnder30.com
Written by Guest Writer
MoneyUnder30’s simple life insurance calculator will help you determine how much life insurance you should purchase to provide for your loved ones.
How much life insurance you need is both somewhat subjective and a moving target. Your life insurance needs may be quite different today versus in five years.
Put simply, in the event you die, you want life insurance payouts to allow your spouse and children to continue their lifestyles without worrying about money. You may also want to provide for future expenses like your children’s education.
If you have investments or other assets, however, you may only need enough life insurance to make up the difference between your assets and your family’s potential needs.
For better or worse, you know you’re really an adult when it’s time to buy life insurance. But as I set out to shop for life insurance, I didn’t really know how much life insurance I even needed. In case you’re like I was, we’ve put together a simple life insurance calculator to help you determine the right amount of term life insurance to buy.
Guest Writer, MoneyUnder30.com
As you get older, earn more money, have kids, and live a correspondingly more expensive lifestyle, how much life insurance you need will go up — to a point. As you get closer to retirement age and accumulate more wealth in savings and investments, you will need less life insurance to make up the difference.
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