Q. How much life insurance will be enough?
A. This is a simple question, but its answer is not simple to come by.
A third party poll released by New York Life Insurance Co revealed that while 60% of people thought they had enough coverage, only 20% actually had enough coverage to meet their needs.
The reason is, if you are making $100,000 a year, you might think $500,000 coverage sounds a lot and is enough. But when you start calculating how long will the $500,000 last, you will find that big fortune maybe not enough for your loved ones.
So how much life insurance is enough? It depends on what you want to accomplish.
Do you want the money to pay off mortgage? To pay your children's college expenses? To pay child care expenses so the stay-at-home spouse can go out and find a job?
Many people don't put much thought into answering this question, use this free tool to help you organize your thoughts.
A. This is a simple question, but its answer is not simple to come by.
A third party poll released by New York Life Insurance Co revealed that while 60% of people thought they had enough coverage, only 20% actually had enough coverage to meet their needs.
The reason is, if you are making $100,000 a year, you might think $500,000 coverage sounds a lot and is enough. But when you start calculating how long will the $500,000 last, you will find that big fortune maybe not enough for your loved ones.
So how much life insurance is enough? It depends on what you want to accomplish.
Do you want the money to pay off mortgage? To pay your children's college expenses? To pay child care expenses so the stay-at-home spouse can go out and find a job?
Many people don't put much thought into answering this question, use this free tool to help you organize your thoughts.
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