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How Much Term Life Insurance Do I Need?

You may be asking yourself, how much term life insurance do I need? Well, the answer depends on a number of factors. Many people base their life insurance needs on the income they would need to pay down any debts.

For example, an average family might choose the coverage, or "face amount," of their term life insurance policy based on a multiple of their gross income, plus any other needs such as paying off the mortgage and debts. You might want to consider future expenses as well. However, the answer to the common question "how much life insurance do I need?" depends on these and other considerations.

Your coverage should factor in lifestyle, financial goals, debts and often-overlooked expenses, such as additional childcare expenses.

When determining your term life insurance coverage needs, consider the following:

  • The size of your family and ages of your family members
  • The standard of living you'll want them to be able to maintain
  • The costs for childcare or care for an elderly parent, if you are an in-home caregiver
  • Future expenses such as education, health care or mortgage costs
  • Final expenses, such taxes, legal fees and funeral costs

Without talking to a licensed life insurance professional first, you may be signing up for too much life insurance or too little. At AIG Direct, our licensed life insurance specialists take the time to talk to you - at no charge and with no pressure - about your specific goals. They can help you get an answer to your question, "how much term life insurance do I need?"

We can then give you a personalized term life insurance quote for precisely the amount of life insurance you may need at a very competitive price.

Your family's needs are unique. Talking to a licensed life insurance professional can help you get the information you need, so you can make the right decision about term life insurance for your loved ones.

Get started on your free term life insurance quote now or speak with a licensed AIG Direct life insurance agent today.

Customer Support: 1-800-586-3072