How Much Life Insurance Do You Need?

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The amount of life insurance needed by a person depends on how long they are looking to replace a given income. Find out how long life insurance money will last with information from a licensed insurance agent in this free video on life insurance.

Part of the Video Series: Life Insurance
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Video Transcript

Hi my name is Bill Rae. I'm a Life Insurance Agent and I've been in the field for well over two decades. The question is, "How much life insurance do I need"? Well that is an excellent question. I give you my standard answer; "that depends". What does it depend upon? Well, the very first thing it depends upon is, "Why do you need the life insurance"?.What are we attempting to do? As most people understand, life insurance, it's to cover incoming case of loss of life. Life insurance can be much more than that. But that simple concept alone adding the question, "How much life insurance do I need"? Again, "How long are you looking to replace the income"? "What is the age of your youngest child"? If your child is two years old, perhaps you need to replace that income for an additional eighteen years, twenty years. Do you want them to go to college"? Then you can do simple Math. Take the amount of money you're going to need, figure out what kind of return you're going to get on it and find out how long that's going to last. Sounds complicated? Not really! Just simply takes a little bit of planning, asking some questions and in my opinion, seek out a good financial adviser. My name is Bill Rae and I'm helping you build wealth.


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