Life Insurance is another one of those necessary evils. As Jerry Seinfeld might say..."and what is the deal with Life Insurance? Why don't they just call it what it really is...death insurance?"
You hope you never have to use it, but you want to have the right amount in place for those who would receive the benefit.
Here is my general rule of thumb:
- Buy 20-30 year Term Life Insurance (depending on your age)
- Purchase 10 times your annual income
- If you earn $50,000 per year, you need $500,000 in term-life coverage
- That way, the beneficiary would replace your income with the interest off the policy ($50,000 per year)
As an independent agent, I will research and find the best company with the best rates for you. Please call me and I will be glad to help you with the process.