# What Is Personal Term Life Insurance?

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1 What Is Personal Term Life Insurance? Because you need all the facts.

4 Method 1, Using multiples One way to estimate your needs is to base a calculation on your current income. Financial experts typically recommend that the total of your life insurance coverage amount and liquid assets equal 5 to 10 times your annual income. We recommend that you use a multiplier of at least 7.5. For example, \$50,000 x 7.5 = \$375,000. If you do not have any other liquid assets, you might want to use a factor of 10: \$50,000 x 10 = \$500,000. If you re young and just starting a family, you may want to use a multiplier of 15, to replace future salary increases. For example, \$30,000 x 15 = \$450,000. My annual salary/income (\$ ) x 7.5/10/15 = \$.

5 Method 2, Estimating by budget Subtotal 1. Living expenses Monthly expenses (\$ ) x 12 months x number of years ( ) = \$ Example: \$3,000 month x 12 months x 20 years = \$720,000. Subtotal 2. Housing expenses (rent or mortgage plus taxes, maintenance & insurance) Monthly payment (\$ ) x 12 months x number of years ( ) = \$ Example: \$1,500 per month x 12 months x 20 years = \$360,000. Subtotal 3. Education expenses Average education expense (\$ ) x number of dependents ( ) = \$ Example: \$40,000 x (2 children plus spouse who needs to retrain) = \$120,000 Total basic expenses MINE EXAMPLE Add subtotal 1 \$ \$720,000 Add subtotal 2 \$ \$360,000 Add subtotal 3 \$ \$120,000 Total basic expenses \$ \$1,200,000 Subtract current assets Total savings, investments, other insurance - - \$200,000 YOUR basic coverage needs: \$ \$1,000,000 Once you have gathered this information, you re ready to contact selectquote.com (or ). We re waiting to help you now.

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