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Before you apply ask yourself what this insurance must do if you were to die prematurely. Are you single, or married with children? Obviously the need for coverage will be different in each situation. How long should that coverage remain in force?
These are questions to discuss with a good independent agent that can also help with information, and that can lead you to questions that may not have occurred to you.
What would you like the policy to do? Cover debt, build cash values, take care of your animals, donate to your school where you picked up your nursing degree?
The thing is there really honestly isn't a single answer for your question until you figure out what matters to you and what you want to happen if you're not here or come home everyday for decades.
As you can see there are many questions to be answered first in order to determine how much insurance you should have. You need to have a conversation with an experienced Insurance Adviser.
First, do I need life insurance. Who would suffer if I died today financially? Who depends on my income to live and who would assume any of my debts?
Second, what is the total of all of my debt? Car loans, credit card debt and mortgage, how much to pay it all off today? How much will I need for children's education or their living expenses?
Third, take your current nurses salary times ten. Why ten? The idea is to be able for your beneficiary to invest that amount and draw your replacement salary without touching the principle.
Take those numbers and add them together along with the time period that all of that needs to be covered and you will have your face amount and term life years clearly set. I recommend using an experienced independent life insurance broker to help you navigate the market and find you the best product at the best price for your unique situation. Good luck!
1. 8-10X your annual salary
2. Pay off mortgage and any debt like car loans, credit cards etc
3. 4-5 Yrs of college for any children
If you take and add all of those numbers you will be real close to what your amount should be. I would recommend Term Insurance yr 1 then yr 2 or later convert that to a Universal Life plan.