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How Much Life Insurance Should I Get? [Video]

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How Much Life Insurance Should I Get?

The amount of life insurance coverage you should carry depends on a few factors:

Your age
Your debt obligations
Your income
Years until retirement
Your family
Many financial professionals recommend coverage of at least 10 times your annual salary as income replacement but you may need more or less, depending on your circumstances. For instance, if you have a large mortgage and are the sole breadwinner for your family, you may opt to get more than 10x coverage on yourself. Or this may be a simple final expense policy that covers end-of-life costs.

Here’s a quick example of how to determine how much life insurance coverage you may need:

John has a wife and three kids. He makes $100,000 per year as the sole breadwinner, and they carry $500,000 in debt ($450,000 mortgage and $50,000 in auto loans). John has decided to get 10x his salary in term life insurance coverage, plus another $500,000 to cover their debt obligations. Term coverage allows him to obtain coverage for a specific amount of time (say, 20 years), for the lowest monthly cost.

Life insurance coverage should allow your loved ones to grieve without worrying about the financial implications of your passing.

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New Parents

Dying Light 2 - Last Will Side Quest - Find Leon’s Wife - Gameplay Walkthrough Part 19 [Video]

Dying Light 2 - Last Will Side Quest - Find Leon’s Wife - Gameplay Walkthrough Part 19Side Mission Quest Objective:Last WillFind Leon’s WifeThis Video of Dying Light 2 is played on PS5#DyingLight2#DyingLight2StayHuman#TechlandCheck out the entire playlist of Dying Light 2 at:https://www.youtube.com/playlist?list=PLYbicgZ5oD3vaguf3GLaxs1LuqepjCLELSubscribe: http://youtube.com/trophygamers?sub_confirmation=1Unboxing Video's: https://www.youtube.com/channel/UCqDXjvzG6moGPIGrz8zwXZw/Instagram: http://www.instagram.com/trophygamersTwitter: https://twitter.com/trophygamers

Categories
New Parents

The amount of life insurance coverage you should carry depends on a few factors:Your ageYour debt obligationsYour incomeYears until retirementYour familyMany financial professionals recommend coverage of at least 10 times your annual salary as income replacement but you may need more or less, depending on your circumstances. For instance, if you have a large mortgage and are the sole breadwinner for your family, you may opt to get more than 10x coverage on yourself. Or this may be a simple final expense policy that covers end-of-life costs.Here’s a quick example of how to determine how much life insurance coverage you may need:John has a wife and three kids. He makes $100,000 per year as the sole breadwinner, and they carry $500,000 in debt ($450,000 mortgage and $50,000 in auto loans). John has decided to get 10x his salary in term life insurance coverage, plus another $500,000 to cover their debt obligations. Term coverage allows him to obtain coverage for a specific amount of time (say, 20 years), for the lowest monthly cost.Life insurance coverage should allow your loved ones to grieve without worrying about the financial implications of your passing.