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Life Insurance
Learn about the different types of life insurance and why an up-to-date policy is an important part of a sound financial strategy.
How Much Life Insurance Do You Need?
When it comes to the best type of life insurance for an individual, There is no one-size-fits-all. How much and what type of coverage is needed is based on the individual and his or her:
- Age
- Health
- Income, current financial situation
- Number of dependents
Furthermore, the type of life insurance policy that is most suited for an individual will change over time. Major life events like getting married, getting divorced, having children, or changing your income can all influence your life insurance policy.
Based on these considerations, a basic rule of thumb is to have enough life insurance coverage to provide approximately 10 times your annual household income. For example, if the current household income totals $50,000, consider having a total of $500,000 in life insurance protection.
8 of 10
Americans say they personally need life insurance
52%
of American adults own some form of life insurance
80 Million
Americans say they need
life insurance
1Varies on the type of permanent life insurance.
2Depends on the type of permanent life insurance. Not all permanent insurance participates in the stock market or index funds.
3Whole Life Insurance does not allow for flexible premium payments. Subject to certain limitations, premiums may be increased, decreased, skipped or stopped on other types of permanent life insurance policies, such as universal life insurance. However, the risk of a policy lapsing increases if regular premium payments are not made.