Life insurance is important no matter what stage of life you’re currently in. Cover the ones you love – get term life insurance today:
Katie in Tennessee asks Dave, “If I have $300,000 in mortgage debt, should I still only get 10-12 times my income in life insurance, or should I also include my debt?”
Dave explains that getting 10-12 times your income should be enough life insurance coverage. You do not have to include how much debt you have when calculating how much life insurance coverage to get, but just simply calculate based on your income. While it’s not an exact science, 10-12 times your income will be very close to what you will need.
It is equally as important, however, that you are choosing the right life insurance, and Dave wholeheartedly recommends term life insurance over cash value insurance. With term life, you are guaranteeing that you can afford to get enough insurance and are skipping out on the different versions of cash value insurance that are ultimately ripping you off.
Make sure you are getting 10-12 times your annual income in term life insurance to ensure a better future for you and your family!
Life Insurance Resources:
To learn more, check out some other mistakes to avoid while choosing life insurance:
Still not sure if you even need life insurance? See what Dave says here:
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