If you are single and have no children, you many not need life insurance at this stage in your life. However, people who want to protect their family’s standard of living or who own a business should critically think about how much life insurance they should purchase.
One rule of thumb is to purchase life insurance equal to 5 to 10 times your annual salary. Quicken.com suggests that a better guide when figuring the amount is to focus on why you are buying the insurance.
The amount you need can be much less, depending on a number of factors, such as how much your spouse earns and how much you have saved.
Filed under: Life Insurance | Tagged: life insurance questions, questions before getting life insurance
