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Teacher Editor
Teacher Editor, Teacher
Category: General
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I need advice on how much life insurance I should be carrying.

Resolved Question:

I need advice on how much life insurance I should be carrying. Every agent I talk to wants to sell me more or tweak what I already have. I can give the details in a further discussion.
Submitted: 6 years ago.
Category: General
Expert:  Teacher Editor replied 6 years ago.

Linda Roch :

Hello and welcome! If you have any other questions, please let me know or please click Accept.

Linda Roch :

The way to figure out the answer to this question is to see how much income you're bringing into the family and how much money they would if you were not around to bring in that income.

Linda Roch :

Thus, your retirement account and any assets you own will go to your wife and/or children in most circumstances so you just have to look at what you're bringing in and what will not be there anymore when you're gone.

Linda Roch :

What you're bringing in isn't that much a year but you have some riksy assets and while there is rental income now, that is not guaranteed, so you want to account for this as well

Linda Roch :

Let's say your wife is going to live for 30 more years and she will inherit all of your assets nad liabilities.

Linda Roch :

If you are living comfortably right now, then your wife would need a policy of $600,000 on your to maintain the standard of living she has now. I would also put in a cushion in there due to the fact that you have some risky investments and some income that may not be there anymore.

Linda Roch :

Therefore, I think a $750,000 is probably what you would need if you are able to afford it. If not, I would get at least a policy of $500,000.

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