• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Tyler Insurance Group

Tyler Insurance Group

5540 S Fort Apache Rd #100
Las Vegas, Nevada 89148
Phone: 702-851-5816
  • Home
  • Products
    • Health Insurance
    • Life Insurance
    • Dental Insurance
    • Disability Insurance
    • Medicare Options
    • Travel Medical Insurance
    • Pet Insurance
  • Get a Quote
  • Our Team
  • Determine Your Subsidy
  • Special Enrollment
  • Contact

Life Insurance: How Much do I Need?

May 22, 2017 by Laura Tyler 1 Comment

how much life insurance do I needWhen it comes to life insurance, we often hear the question, “How much do I need?” Well, that all depends on your specific circumstances, but there are definitely a few things you should consider when you’re looking at life insurance plans.

Do I need life insurance?

First, determine whether you need life insurance. This is pretty simple; if you have people that depend on your income, you need coverage. Got kids? A stay-at-home spouse? An ailing parent or relative whom you support? You need life insurance coverage.

What kind should I get?

Next, you need to decide what kind of life insurance to get. This can be tricky, because you’ll read a lot of opinions on which kind is best. If you have your own business and you want to protect your family against the destruction of it, or protect them from estate taxes, whole and universal life insurance might be a good option for you. If, on the other hand, you’re more concerned about the lost income that supports your family or other dependents, then term life insurance is probably all you need.

How much should I get?

Once you decide on the type of insurance to buy, you’ll need to figure out how much to buy. To get a ballpark number consider the following questions:

How much debt do you have?

Aside from a mortgage, are there bills that you pay each month, like credit cards, car loans or other accounts? Do you pay down your debts each month? Basically, if you have a lot of debt, you’re going to need enough life insurance to pay it off completely.

What does your family spend each month?

If you don’t want your family to change their lifestyle or habits, you’ll need enough money to cover these monthly expenses. It’s a good idea to have a monthly budget to determine what you actually spend.

Do you have any savings?

If you have a healthy savings account, you may not need as much life insurance as you thought, since you’ll leave your family some money already. You’ll also want to factor in your long-term savings plans, and how easily those funds can be accessed by your survivors.

Are your kids grown?

If they’re not, you may want to consider college expenses when you determine your life insurance needs. Obviously, these costs can add up, but it’s better to face these numbers now then to leave your family short later.

Got more questions about your life insurance needs? We’re here to help. Call us today and we’ll guide you through the process – so you and your family can start resting easier.

Originally posted 2015-03-31 11:19:12.

Filed Under: General

Reader Interactions

Comments

  1. Dave Summers says

    April 1, 2015 at 1:40 pm

    Looks really good. A lot of helpful information.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search Our Site

From the Blog

  • Protect your Family and your Future
  • 4 Ways Your Healthcare is Like Holiday Shopping
  • 3 Reasons You Might Need Travel Medical Insurance
  • 10 Key Facts About HSA Insurance
  • Three Ways to Fight the Flu This Season
  • Annual Financial Checkup
  • 5 Ways to Boost Immune Systems Before School Starts
  • Keep Your Family Safe This Summer: 6 Tips
  • 4 Things You Should Know About Nevada Health Link Open Enrollment
  • How to Find the Best Required Health Insurance in Las Vegas
  • HPN logo
  • aetna
  • humana
  • anthem-blue-cross-blue-shield
  • sierra-health-and-life
  • united-healthcare

Footer

Tyler Insurance Group, LLC, Insurance  Health, Las Vegas, NV

From The Blog

  • Protect your Family and your Future May 22, 2017
  • 4 Ways Your Healthcare is Like Holiday Shopping May 22, 2017
  • 3 Reasons You Might Need Travel Medical Insurance May 22, 2017
  • 10 Key Facts About HSA Insurance May 22, 2017
  • Three Ways to Fight the Flu This Season May 22, 2017

Tyler Insurance Group

5540 S Fort Apache Rd #100
Las Vegas, Nevada 89148
Phone: 702-851-5816
Fax: 702-851-5842

© Copyright 2022 Tyler Insurance Group · Web Design & SEO by NeONBRAND

  • Home
  • Products
    • Health Insurance
    • Life Insurance
    • Dental Insurance
    • Disability Insurance
    • Medicare Options
    • Travel Medical Insurance
    • Pet Insurance
  • Get a Quote
  • Our Team
  • Determine Your Subsidy
  • Special Enrollment
  • Contact