2006-06-29 17:23:09 · 6 answers · asked by Anonymous in Business & Finance ➔ Insurance
There is a formula for recommended amount. It was like 10x your salary for the family.
2006-06-29 17:30:04 · answer #1 · answered by spot 5 · 3⤊ 1⤋
Life insurance is not like baseball caps. One size does not fit all.
Most people take out what is offered through their employer or may take out an additional $100,000 to $250,000. Some go by the 10x salary formula. Truth is everyone is different by their age, health, income savings, debts and insurance needs.
Unless you post your personal information, no one on this message board can give you an accurate answer.
Talk to a licensed insurance professional. Unless that pro asks about your income savings, debts and insurance needs, he/she is not doing a good job for you and your dependents may find that they are really hurting if your time is up.
2006-06-30 02:35:53 · answer #2 · answered by insuranceguytx 5 · 0⤊ 0⤋
The average new life insurance policy in 2002 was $119,310. Of the new life insurance policies purchased in 2002, 49% or 7 million were term insurance policies. The most popular form of term insurance is level term life insurance which offers a fixed premium.
Source: American Council of Life Insurers.
For more life insurance facts, go to http://www.term-life-online.com/life-insurance-facts.html
2006-06-30 11:23:29 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It all depends on factors for you and your family - Usually you want about 10 times your annual salary - It should be able to pay off mortgage, put your kids through college and help sustain your family for 2 years and unfortunately pay for your funeral. Your life policy should be a combination of Whole Life and Term Life, with 75 to 80 percent being a Twenty Year Term policy with a waiver of premium clause.
2006-06-29 18:40:57 · answer #4 · answered by JD 3 · 0⤊ 0⤋
The general idea is to have 10 times your Annual Salary so your beneficiaries will be able to replace your income by investing in a relatively secure bond or money market and withdraw your annual salary each year (well divided by 12 and done monthly) this in essence will provide for them for the next 20 years (hopefully)
2006-06-30 05:15:43 · answer #5 · answered by Lucky 4 · 0⤊ 0⤋
7-10 times your annual salary is the recommended amount. Consider other factors, such as the amount left on a mortgage and any children that are under 18, as well.
2006-06-29 18:34:29 · answer #6 · answered by Eebles 2 · 0⤊ 0⤋
I would recommend one to try this website where you can get quotes from the best companies: http://INSURE-HELP.COM/index.html?src=5YAcVAsgY99axx1
RE :What is the average life insurance amount people take out?
Follow 7 answers
2017-03-08 19:22:25 · answer #7 · answered by ? 6 · 0⤊ 0⤋
For free insurance quotes
2014-12-27 22:42:39 · answer #8 · answered by Anonymous · 0⤊ 0⤋
The average American takes out from 100k to 150k but most Americans are under insured
2006-06-29 18:38:29 · answer #9 · answered by bacon lover 2 · 0⤊ 2⤋
Oh, probably around $100-$250,000, however, most people let the policy cancel within the first 5 years.
2006-06-30 02:49:49 · answer #10 · answered by Anonymous 7 · 0⤊ 0⤋