Before You Compare Life Insurance Quotes Or Even Buy Life Insurance Check How Much You Really Need
You are planning to buy life insurance but how much insurance does one really need to protect one's family?
Let's face it. You are not likely to pass on but you need it to protect the income that you make which provides for your family. So you do not want to over insure yourself because you would be wasting money paying monthly premiums. You know that you need the coverage for a limited amount of time but at the same time you do not want to under insure yourself for the sake of your family's future.
Is the death benefit too much or too little?
What other factors do I need to take into consideration if I plan to buy insurance?
These questions are important to ask yourself and your family before you actually get life insurance are valid and asked by everyone before they actually buy a life policy.
Although every situation is different there are general guidelines to follow when going over different life insurance quotes and comparing those policies.
#1 factor in determining how much life insurance you actually need is to look at your own situation now and your living expenses for you and your family
Monthly Living Expenses to cover:
Mortgage / House payments / Rent
Credit Cards
Car Loans
Food
Utilities: Electricity/Water/Trash
Phone/Cell Phone/Internet/Cable
Gas
Education
Additional shopping expenses: Clothes, Entertainment, Eating out, etc.
Some of the expenses above are a good idea of expenses that you may or may not want the death benefit (benefit life insurance) to cover in the event of the loss of the breadwinner / income provider
Do you want your death benefit to pay off your mortgage / house payment?
Do you want your death benefit to cover your car payments?
Do you want your death benefit to cover your children's college?
Do you want to have enough proceeds to cover your spouse in case something happens to you?
Take the monthly expenses and multiply by the number of years you want your family's expenses to be covered
Add your estimated mortgage amount (if you want to cover it with your life ins proceeds)
Add your estimated additional debt loan amounts if want those covered.
Add estimated college expenses for your kids if you want that to be covered as well.
Taking these factors into account when you buy life ins. It will give you a much better picture of the total amount of insurance benefit you will need when you actually decide on the lowest term life insurance to protect your family. You only need to go through these details one time before buying a policy. Once that is done it is done.
It is not an easy decision and does take time to go through the details but the sooner that you decide the easier you can rest at night knowing that if something happens to you your family will be taken care of for the long term.
Buy life insurance [http://www.BaseQuotes.com/] by first comparing quotes on our insurance comparisons site. Then decide on the life insurance policy of a solid company that gives you the best value and price as compared to other life insurance companies.
Evan Povich is a representative of BaseQuotes.com Insurance Comparisons Site. BaseQuotes.com offers cheap insurance quotes from over 100 of the top insurance companies offering life insurance quote / life insurance quotes, car insurance quotes, health insurance quotes, homeowners insurance quotes and Long term care insurance (LTC Quotes).