How much life insurance is enough?

You may have asked yourself this question recently – maybe after a passing of a close friend, colleague or family member.  I know that I have.  Life can change in an instant; it’s important to enjoy the moment, but at the same time, prepare for the inevitable.  There are very few certainties in life and unfortunately they are taxes, change and death.

Over 30 years ago, a former co-worker convinced me to purchase whole life insurance.  I wasn’t really sold at the time, but now I feel very fortunate that he persuaded me to make the purchase.  Today (thirty years later) the cash surrender value has increased nicely and I feel secure and fortunate that I took his advice.

If you feel like you aren’t adequately covered, there’s no better time than now to supplement your insurance needs with term insurance.  This is the least costly life insurance option since it doesn’t build any future value but provides protection for your family if something happens to you.  This solution is also recommended by Suze Orman.

How much is enough?

A question that I’m often asked is – How much is enough?  There are some good online calculators that I would recommend, including, which provides a rough payment estimate based upon your inputs that can be inserted here.

The real question for you to consider is – how much money will your family need if you’re gone? What is your priority?  Do you want to:
1).  cover your final expenses
2).  leave a legacy, or
3).  insure yourself while earning cash to borrow later at a guaranteed interest rate

Life insurance is a topic we often put aside for another day.  But today, consider it to be risk management for you and your family.  I’m sure that your family is the most important thing to you; how can you not deal with that!

As you work through your personal situation and what your priorities are, feel free to contact me if you have any questions.


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