First, think about a few things:

Who do you want to protect? Most people think of their spouse or kids. But maybe you also have siblings, aging parents, or others who rely on you.

How long would they need financial support? Think about how old each dependent is and how long they might rely on your earnings.

Do any of them have disabilities or special needs? Some individuals might need support for their entire life.

How much debt do you carry? If you’ve got a mortgage, car loans, credit card bills, or other loans, factor those in.

What’s in your savings? Take a look at all your investments, and remember that some, like real estate, might not be easy to turn into cash quickly.

Planning to help with your kids’ college fees? You’ll want to add some coverage for that.

Does your partner need help with retirement funds? If they’re relying on you for some or all of their retirement, add that into your calculations.

You can also think about specific financial goals. For instance, matching your insurance to the total amount of debt can make a big difference for your family’s finances.

How to Calculate Your Life Insurance Needs

For a more detailed estimate, follow these steps:

1. List all the assets your family could use without having to sell their primary home. This includes savings, retirement funds, and other insurances.

2. Add up all monthly expenses and debts. Think about current costs, plus future ones like your kids’ college fees.

3. Don’t forget potential new expenses. If your job covers things like health insurance, your family might have to start paying for that.

4. Subtract your assets from your total expenses to see the gap. This gives you an idea of the coverage you need.

For a precise estimate, check out this handy calculator.

Remember, there’s no one-size-fits-all answer to the right amount of life insurance. Many factors come into play. But by considering the above and chatting with your partner or a financial advisor, you can make a well-informed decision.

Photo by Artem Beliaikin from Pexels

The post How Much Life Insurance Should You Have? appeared first on Finance 24seven.

Health is more than eating right and remaining physically fit. Sproutt factors the full picture of your wellness into your insurance quotes. Using its Guided Artificial Intelligence Assessment (GAIA) platform, you’ll answer questions designed to determine your overall health.

In addition to gathering information on your daily nutrition and activity habits, GAIA assesses factors like your sleep habits, work-life balance, and emotional health. You’ll be assessed a score based on Sproutt’s Quality of Life (QL) Index, which is determined through your answers to a series of questions.

Using your score, Sproutt shops multiple insurers and delivers quotes to you. You can then choose from those quotes to get low premiums on a life insurance policy that fits your needs. Coverage amounts range from $50,000 to $3 million.

Get a life insurance quote with Sproutt or read our full review.

Best online insurance
Bestow
Best Life Insurance Companies – Find The Best Quotes – BestowOn the term life insurance front, Bestow is by far an excellent choice. You don’t need a medical exam or bloodwork to process your online application, and Bestow offers term life insurance for two years, ten years, and twenty years. It is very hard to find term life insurance for two years, so that is a definite plus if you need something super short term.

Since everything is online, you can also get instant coverage if you qualify. Coverage is up to $500,000 for two years and up to one million for 10 and 20-year terms. Bestow is available across the United States except for New York.

Read our full review of Bestow to learn more or read our full review.

Best for new parents
Fabric
Best Life Insurance Companies – Find The Best Quotes – Fabric

If you are a new parent, you might want to move Fabric up to the top of your list of places to search for life insurance. Founded in 2017, Fabric was created by parents for parents, and their dedication to helping families shines through. In fact, they go beyond life insurance, offering wills, estate planning, and other financial tools aimed specifically at families.

Potential policyholders can expect to enroll in two different types of insurance through Fabric: term life and accidental death. And with policies that start at only $6 a month, and can cover up to $5 million, Fabric is the perfect, affordable option when it comes to life insurance.

Even better – the whole application process takes just 10 minutes (perfect for parents with kids constantly running around), and Fabric offers a slick mobile app that makes managing your plan as easy as possible.

Get a life insurance quote with Fabric or read our full review.

Best for decreasing coverage in the future
Ladder

Your life insurance needs will change over time and that is why we included Ladder as one of our top life insurance companies. Ladder knows that you may not need as much life insurance in the future as you start building your financial assets over time. After all, if you have $500,000 in investments, that is probably $500,000 you won’t need in life insurance.

While you might not have $500,000 in investments today, regular investing over a decade or two could get you there. If you have a 30 year term life policy, that may mean you could be over-insured in the future. Ladder allows you to adjust your coverage levels at any time without fees or hassle.

Ladder’s policies are issued through Fidelity Security Life Insurance Company which has an A or Excellent A.M. Best rating and an A+ rating with the Better Business Bureau.

Get a life insurance quote with Ladder or read our full review.

Best life insurance for healthy people
Health IQ

We featured Health IQ in a unique category that doesn’t make sense for most types of insurance but makes a huge difference for life insurance. Since life insurance bases rates on the likelihood of you dying, it makes sense that healthy people shouldn’t have to pay as much for life insurance as unhealthy people.

Health IQ focuses on saving healthy people money on their life insurance by evaluating your health, allowing you to take a health literacy test and verifying your lifestyle by meeting running, cycling or swimming goals. If you qualify, you could gain access to better life insurance prices for healthy people.

Get a life insurance quote with Health IQ.

Best for overall life insurance offerings
MassMutual
Best Life Insurance Companies – Find The Best Quotes – Mass Mutual

MassMutual is one of the largest insurance companies in America and has an amazing financial strength rating, as well. They offer many types of life insurance policies, giving you plenty of options to meet your life insurance needs.

MassMutual has an A++ or Superior A.M. Best rating and a B rating with the Better Business Bureau.

Get a life insurance quote with MassMutual.

Best for whole life insurance offerings
Northwestern Mutual
Best Life Insurance Companies – Find The Best Quotes – Northwestern Mutual

Northwestern Mutual is another huge life insurance company with a strong financial strength rating. Since a whole life policy will last your entire lifetime and will eventually pay out a sum of money, it’s important that you pick a company with a strong financial strength rating, like Northwestern Mutual.

Northwestern Mutual has an A++ or Superior A.M. Best rating and an A+ rating with the Better Business Bureau.

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