Happy family with life insurance

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Start with an estimate of your life insurance needs when quote shopping.

Estimating how much life insurance coverage you need for your situation can be challenging. While looking for cheap term life insurance or other ways to lower your life insurance costs, you also want to make sure you have the right amount of life insurance coverage. 

Some advisers have tossed around calculations based on your salary times a certain number. Other insurance experts say it’s not that simple and you need to consider many factors including: 

— How many dependents you have.

— What your family’s current monthly expenses and debts are.

— What your family’s projected expenses are. 

— Other forms of benefits you have such as employer life insurance policies, credit card life insurance, association life insurance, Social Security Survivor benefits and more. 

One way to estimate how much life insurance you need is to: 

1. Estimate what your family’s monthly expenses would be. 

2. Add in your mortgage balance and other debts. 

3. Add in estimated future expenses such as funeral expenses and college tuition. 

4. Subtract out Social Security benefits, other life policies, your spouse’s income, and retirement plan benefits. 

The difference would be a figure to use as a coverage estimate. 

When you find quotes you like, using an original estimate, you should consult with the agent or company to refine the coverage amount. Also, many life insurance companies have online calculators to help you determine how much term life insurance or whole life coverage you need. 

LowerYourInsurance.com has partnered with Insureme to help you find affordable life insurance quotes.

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