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Your husband should have enough coverage to provide security for yourself and any other family members. Of course, you must take into account his health at the time you buy coverage, other policies (and are they term or permanent) and your budget.
It is best to meet with a full-time broker or full-time financial planner to discuss specifics and the direction you should take. Simple mathematical formulas are not the answer.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
You know, there really is a right way to answer this question.
I think the right way is to do what’s best for you as the beneficiary.
Life insurance is, after all, a “care package” from the insured to his loved one.
It is a way of saying, “I love you, and I take care of you now. I’m going to make sure that an insurance company takes care of you later.”
This means that the golden rule is this: the quality of life you have now, is the quality of life you should have if you suffer the tragic loss of your spouse. If you are not making do with less now, you should not have to make do with less later.
The money you need to pay your monthly bills now, is the amount of money you should have to pay your monthly bills later.
The larger question is: for how long do you need this benefit to last? For how long do you want to live off the insurance money? There are a number of factors involved in that decision.
First, and most important, is buying yourself the time needed to grieve and move on. Think about it. You have dedicated yourself to a life with someone. Now he is not there. And will not return. How long will it tell you to get back on your own two feet and renew your life? Two years? Five years? Longer?
Then, what about your kids? They’ve already lost one of their parents. Forever. They will need you more than ever. They will need you to spend as much time with them as possible. Can you afford to do this? Life insurance can make sure the answer is yes.
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It is best to meet with a full-time broker or full-time financial planner to discuss specifics and the direction you should take. Simple mathematical formulas are not the answer.
I think the right way is to do what’s best for you as the beneficiary.
Life insurance is, after all, a “care package” from the insured to his loved one.
It is a way of saying, “I love you, and I take care of you now. I’m going to make sure that an insurance company takes care of you later.”
This means that the golden rule is this: the quality of life you have now, is the quality of life you should have if you suffer the tragic loss of your spouse. If you are not making do with less now, you should not have to make do with less later.
The money you need to pay your monthly bills now, is the amount of money you should have to pay your monthly bills later.
The larger question is: for how long do you need this benefit to last? For how long do you want to live off the insurance money? There are a number of factors involved in that decision.
First, and most important, is buying yourself the time needed to grieve and move on. Think about it. You have dedicated yourself to a life with someone. Now he is not there. And will not return. How long will it tell you to get back on your own two feet and renew your life? Two years? Five years? Longer?
Then, what about your kids? They’ve already lost one of their parents. Forever. They will need you more than ever. They will need you to spend as much time with them as possible. Can you afford to do this? Life insurance can make sure the answer is yes.