Shownotes Transcript
You decided you should buy a life insurance policy, but now you have one all too common question: How much life insurance do I really need?
It's important not to underestimate your ideal amount of life insurance. A recent study found that one in three people say they don't have enough coverage. Remember to calculate for future expenses as well. J.P. gives us insight in today's podcast.
The sweet and simple answer is 10–12 times your annual income. Why 10–12 times? Because if you die, that amount replaces your salary and gives your family a comfortable financial cushion while they recover from their loss. It also gives them money they can invest for future income. Buying 10–12 times coverage guarantees that whatever else your family feels, they won’t feel a financial pinch when you’re gone.
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You decided you should buy a life insurance policy, but now you have one all too common question: How much life insurance do I really need?
It's important not to underestimate your ideal amount of life insurance. A recent study found that one in three people say they don't have enough coverage. Remember to calculate for future expenses as well. J.P. gives us insight in today's podcast.
The sweet and simple answer is 10–12 times your annual income. Why 10–12 times? Because if you die, that amount replaces your salary and gives your family a comfortable financial cushion while they recover from their loss. It also gives them money they can invest for future income. Buying 10–12 times coverage guarantees that whatever else your family