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How much life insurance do I need?

December 11, 2012  |   Posted by :   |   General   |   0 Comment»

by Michael Grace


When looking towards the future, a question you need to ask yourself is how much life insurance should I pay for? Unfortunately, this is not always easily answered. The idea of life insurance and considerations for determining the amount is far more complex than pushing a few buttons on an online calculator and voila you need X amount. The answer depends on numerous personal factors, and several standard variables. The primary thing you should ask yourself is if you even need life insurance.

In order to figure out how much life insurance you need, you first need to determine if life insurance is right for you. As yourself these questions:

– Am I married?
– Does my spouse have an income?
– Do I have dependants?
– What are my health and education expenses?
– Am I close to retirement?

If you answered “yes” to any of the above questions, life insurance may be right for you. On the other hand, if you don’t have any outstanding debts or people who depend on you, then life insurance may not be for you. Yet, if you plan to leave a financial legacy to a charity, university or loved ones, life insurance may be for you. Confused yet? Life insurance isn’t mandated, so obtaining it is a personal decision.

The good news is that life insurance does not have to be a life-long commitment. You can cancel your policy or change it as your life changes. Perhaps 20 or 30 years ago, you didn’t want it, although now you have kids, maybe even grandchildren, a mortgage and you’re getting closer to retirement. You may want to reconsider life insurance, or perhaps augmenting your current plan.


Even if you don’t have significant assets or are on a limited income, you may be able to obtain life insurance. With proper planning and decision making you can build a proper and sustainable future plan to help yourself and family.


Figuring out how much life insurance is the right amount for you may seem tricky, although it can be determined by looking at your current situation and where you want to be the future. Find out which plan is right for you to gain maximum and affordable security.