Before you get a life insurance quote or apply for life insurance coverage you may need to figure out how much life insurance you need to purchase.
Do you know how much cash and income your dependents will need if you’re no longer around to provide for them? The life insurance coverage you carry on yourself or your spouse should come as close to that amount as you can possibly afford.
Are you supporting a family?
A long-standing rule of thumb is that your total life insurance benefit should equal
5 to 7 times your annual gross income. That amount of insurance should make sure that your family can continue to pay the bills and save for retirement and college.
Looking to pay for funeral expenses?
Decide what kind of funeral you would like to have and do some research on how much it will cost. Then purchase that amount of life insurance coverage or a little higher to account for rising funeral costs.
The key thing to remember is that if you can’t afford the coverage you need, then purchase what you can now and work up to your desired amount as you have more available income. Even a small amount of life insurance can help ease the transition that your family will undergo without you.
Whether you are buying your first policy or adding on to what you already have, Garden State Life Insurance has made it as convenient as possible to get the life insurance coverage you need.
Get started with an instant rate quote and purchase your life insurance today!
