1. 1313 POINTS
    Lenny Robbins
    Principal, LifeNet Insurance Solutions, Redmond, WA
    There are a number of factors that should be considered, among them are the reasons for coverage and the affordability of that coverage. All carriers have financial guidelines that are based on your annual salary and age at application. The younger you are, the more coverage you can qualify for, and the less it will cost assuming your health is good.

    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.
    Answered on September 26, 2015
  2. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! One that is kind of hard to answer though, (to be best for you) without some more specific information. Things that would be helpful to know to give you an accurate idea are physical, like age, sex, smoking preference - smoking/non, health history, and family health history, for example. A 22 year old woman with no health issues would have different options than say a 44 year old man who smokes and has high blood pressure. Other things to consider are more financial planning type things -for example, do you have dependents that you wish to provide for, are you looking to just cover expenses, would you like to transfer wealth? These are considerations that a good agent would want to cover with you. I'd strongly suggest that you look up a good independent agent in your area (independent means they are not tied exclusively to a brand name, allowing them to have several companies to use for comparing) and walk through your scenario with them. You are certainly welcome to contact me, I would be happy to help if you would like. Think these things over either way, so that you have answers, and set an appointment with an agent or two before you decide. I'm sorry that I could not give you a solid number, but it would not have been the right thing to do. Thank you for asking!
    Answered on September 26, 2015
  3. 11783 POINTS
    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    How much life insurance should you have on a nurse's salary? Well are you married? Single? Have kids? Have debt? want to own something that builds equity? Lots of questions to your question actually. So the answer is going to be depends. ;)

    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.
    Answered on October 2, 2015
  4. 5877 POINTS
    Stan Cox II
    Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
    The answer to your question needs to take into account several other parameters besides your income! What are your goals and needs that a life insurance policy would be addressing for you? Are you married? Do you have children or are you planning to start a family? What are your debt liabilities? Who would be financially impacted by your demise? What level of income would you want to provide for them and for how long?

    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.
    Answered on October 4, 2015
  5. 10968 POINTS
    Tim Wilhoit
    Owner, Your Friend 4 Life, Brentwood TN
    The easiest way to come by a calculation on how much life insurance you will need comes down to three factors.

    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!
    Answered on October 9, 2015
  6. 616 POINTS
    Robert J Russell - Finalist for Broker of the Year 2015
    Broker Owner, InsuranceAgentsSelling.com, United States (Most States)
    The typical rule of thumb for anyone regardless of their occupation is:
    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.
    Answered on February 23, 2016
  7. 1976 POINTS
    Ronald Hinch
    Regional Marketing Director, Capital Choice Financial Group,
    Well, first of all you must determine if you need life insurance. If you are single and no one is dependent on your income then the need for life insurance is small, only to cover burial expense. But, if you are married and your spouse and family depend on your income to help pay the bills then your need could be much greater. The actual amount is determined by a formula I call DIME which stands for debt, death, income, mortgage,and education. You must carry enough protection to pay off debt, funeral expenses, replace income, pay off mortgage and fund a college education for kids. By following this formula you will guarantee the right amount of protection without breaking any financial qualification guidelines.
    Answered on April 7, 2016
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