How Much Coverage Is Enough In Life Insurance?
There is no doubt that having life insurance would save our family from financial stress in the event of our sudden death. Regardless of the pain that our loss may cause, the insurance benefit would guarantee them to maintain the standard of living that we have planned for them.
A common question is how much coverage is enough to meet the needs of our loved ones?
It is not easy to determine how much is the ideal amount. But experience indicates that if we want our family to continue paying the mortgage on the house, that our children have no financial problems when it comes to studying at university, and also that the home that we have built continues with its
habitual expenses, we should contract a death benefit equivalent, at least, to 10 times our annual salary. That is, if we enter $ 70,000 annually, the ideal death benefit should be $ 700,000.
Don’t be surprised. You would really be shocked if I revealed to you the ridiculous amount it would cost a monthly premium to secure a future for your family. I just tell you that your payment could be similar to one or two coffees a day.
As each insurance is different, it is better to call a Univista Insurance specialist and he or she will better explain which one is best suited to your needs.