Is a Million Dollars Enough Life Insurance?

Written by Growth 360, LLC

When you’re shopping for life insurance, there are different factors that you will need to consider to make sure that you’ve gotten the best plan available.

Life insurance is one of the best safety nets that you could ever purchase for your family, and it’s vital that you purchase enough life insurance. Not having enough is one of the worst mistakes that you could make.

At MillionDollarLifeInsure.com, it’s our mission to ensure that you’re getting the best life insurance plan for you and your family. We know that shopping for life insurance is not a fun task, but that’s why we are here to help.

million dollar life insuranceEvery year, we get dozens and dozens of questions about how much life insurance a client will need. Most clients are stunned when we tell them that they need to purchase at least 1 million dollars of life insurance, but in some cases, that still isn’t enough life insurance. Every family is different, and everyone is going to need a different sized plan.

Calculating your Life Insurance Needs

There are several different factors that you will need to add up before you purchase life insurance. If something tragic were to happen to you, your family would experience emotional struggles, but they can also suffer from financial hurdles as well. That’s where your life insurance coverage comes in. It’s vital that your plan is large enough.

There are thousands and thousands of life insurance policyholders who are underinsured. Some of these people didn’t take the time to add up their needs before buying a plan.

Amount Of Debt

The most important thing that you can do is to make sure that you have an insurance policy large enough to pay off your outstanding debts. This can include, but not limited to, your mortgage, auto loans, credit cards, personal loans, the list can go on and on. You do not want to leave all that obligation behind for your family to deal with after your passing.

Annual Income

Your income, whether you feel it or not, is important to your family. No matter the size, that weekly or monthly paycheck serves a purpose. If that were to drastically stop coming in, your family could be left in a hard position. You will want to make sure that the policy that you have can make up for that lost income for many years to come.

Most insurance professionals suggest you get enough life insurance to replace your income for 7 to 10 years. Take your annual income and multiply it.

Final Expenses

Another factor is the cost of your burial. It is hard to think about, but you do not want to leave a burden on your family for having to take out a loan for the cost of your burial and be reminded of it every month when they have to make that payment. So make sure to include enough to take care of your final expenses.

It’s a bleak task, but you should do some research to see how much it will cost for a funeral or burial. If you don’t want to do the work, the average funeral is about $10,000.

Getting Affordable Life Insurance Protection

After you’ve calculated your life insurance, you might be worried about how much you’re going to pay for your life insurance coverage. If you find that you need a million dollars or more of coverage, you might assume that you’re going to have to pay a fortune every month for your protection.

Don’t worry, there are several ways that you can secure affordable rates from the insurance company. Even if you’re going to buy $1 million or more in insurance, it can see be reasonable every month.

If you want to save money on your life insurance plan, regardless of how much coverage that you’re going to buy, making a few simple changes can save you thousands and thousands of dollars every year. A very common reason why some do not have life insurance is because they assume that it’s going to be too expensive, but that couldn’t be further from the truth.

Stop Smoking

First and foremost, stop using tobacco. This can save you a great deal of money on your insurance premiums. You are a greater risk to the insurance company as a smoker, which increases your premium.

If you want to be qualified for non-smokers premiums, you’ll need to be smoke-free for at least one whole year. You can buy coverage and then request a new medical exam after you’ve quit smoking and the company will reevaluate your premiums.

Get Fit

The healthier you are, the less risk you are. If you are in a good overall health status, you are not likely to have any foreseeable health issues. Being healthy is not only best for you, but for the insurance company as well.

Anyone who is overweight presents a serious risk. Just like with smoking, you will need to show you can lose the weight and keep it off.

Compare Companies

There are so many different life insurance companies on the market today. It is always best to be knowledgeable about any company you are thinking about doing business with. Take a look at our online quote form on this page and we can compare rates for you in a matter of minutes!

We know that shopping for life insurance is not fun, but we are here to make the process as quick and straightforward as possible. Don’t wait another day to get the life insurance that your family deserves.

Comparing companies can take a long time. You’re going to spend at least 15 minutes on the phone with every company you call. Or you can answer our few questions and get all those quotes at once. Sounds like an easy decision.

About Growth 360, LLC
About Growth 360, LLC

We work with individuals across the nation to secure the best life insurance rates.

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