How Much Term Life Insurance Do You Need?
- How much term life insurance you need depends on what your life is like – particularly, how much the dependents you have rely on you!
- Everyday Life’s online Needs Assessment Tool can help you get an accurate estimate of the amount of coverage you should purchase.
- By only giving you the right coverage at the right time, Everyday Life Insurance can save you thousands of dollars over the life of the policy!
Think of it this way – say you are married with two young children. You and your spouse both work full-time while the children are at daycare. You are currently in the process of building a custom home in a new development, and it is almost finished; you have already begun making mortgage payments, and you have arranged for your elderly in-laws to move in with you as soon as construction is complete, as they are getting to the stage where they can no longer take care of themselves. How much life insurance do you need?
On the one hand, if anything happens to you and you pass away, and you do not have life insurance coverage – or if you do not have a sufficient amount – your family is in serious trouble. Not only will they be left with the burden of your funeral costs or end-of-life medical expenses, but your spouse will not struggle to support your two young children, pay for daycare, pay the mortgage, and support aging parents alone, on one income. You need at least enough to replace your income for them. On the other hand, though, you don’t want to overpay for insurance you don’t actually need, as you could be spending that money on things you will actually enjoy, like vacations for your family!
Purchasing term life insurance instead of permanent life insurance is one way to avoid overpaying, as it can help you get coverage for a limited period of time (this way, you are only paying to replace your income for your dependents until they can support themselves). However, perhaps the best way to figure out how much term life insurance you need is to take an online needs assessment tool that can calculate the right amount for your unique circumstances. Our Needs Assessment Tool can be completed entirely online in just 2 minutes, and doesn’t require contact information; you can simply enter a few details about yourself, your dependents, your income, your health, and your savings/debts in order to get an estimate of how much coverage you should actually have.
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How Everyday Life Gives You Only The Term Life Insurance You Really Need
Everyday Life insurance plans are not like typical term life plans. Other companies offer one bulk amount of coverage for the policy’s term; for example, $400K in coverage for 30 years. Every month, you would pay the same premium in exchange for the same amount of coverage. But when you think about it logically, this doesn’t really make sense; a person’s life can change a lot in even 10 years! Their kids might grow up and move out of the house; they might pay off their debt; they might get a higher paying job or retire. Most companies do not account for the fact that a person’s need for term life insurance may decrease even within the term.We solved that problem with dynamic, smart term life plans that are calibrated with predictive intelligence to automatically update based on big life events. This ensures that any given point in time, you are only paying for the exact amount of coverage you truly need!