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What is the right amount of life insurance I should have? |
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The easy part is - Most people need life insurance. The hard part is - Exactly how much life insurance does one need? If you are shopping around for a life insurance policy, do not forget the carpenter's rule. Measure twice and cut once. Buy too much life insurance and you will be tempted to cancel or surrender your policy in a financial crunch. Buy too little and your family would not be adequately protected. The goal should be to buy a solid safety net for the family and peace of mind for yourself.
When it comes to calculating the exact amount of life insurance cover that an individual needs, one needs to remember that there is no one size that fits all. The thumb rule however is to buy anywhere between 5 to 10 times of your annual salary. Some tips which can be helpful in letting you arrive to a figure would be to consider your current and near-term financial liabilities & debt, your long term financial goals, your expectations about future life-style and other investments made by you.
We are top LIC Life Insurance agents in Bangalore and we can help you arrive at a conclusion about several questions which may seem to be difficult to crack.
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