The amount of life insurance coverage for you will depend on the following factors:
- If you are single with no children
If you are looking into buying an insurance while your single, your parents will be your primary dependents. If this is the case, you will only need a simple and straightforward term life insurance policy. You are basically buying peace of mind knowing that your parents in their old age won’t get stuck paying for their child’s funeral expenses.
- Married Individuals
Regardless of whether you are the breadwinner of the family, you will need more protection for a life insurance policy. Even if your spouse is employed, to some extend he or she is still depending on your income. The loss of income in a household can also mean that your wife or husband, will have to make adjustments. Your spouse may find it difficult to live comfortably without you. You need to consider purchasing a policy with wider coverage. Consider your living expenses and outstanding debts when picking out policy term and coverage.
- Married with children
With a spouse and children depending on your income, you will definitely need to increase coverage for your policy. Apart from living expenses and outstanding debts, as policy owner you need to consider the school expenses of your children. Healthcare and wedding expenses for your children need to be factored in as well so your dependents do not get short on funding when the inevitable comes.
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