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How much insurance do I need?
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Posted By PolicyPartner.in Team
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How much insurance do I need?
Before buying an insurance policy, it is always important to find out the amount of life insurance cover you need. The following factors should be considered before buying a life insurance policy:
• Your age and number of dependents
• Your annual income and annual expenses
• Your outstanding liabilities like home loan, car loan, etc.
• Your investments / savings
• Your lifestyle expenses
• Monies you would require in future
As a thumb rule, it is suggested that you should have an insurance cover of around 5 to 10 times of your annual income. A good financial advisor in your neighborhood can help you ascertain your appropriate insurance cover.
Want to know the amount of insurance cover you need right now? Click here to access our Insurance / Human Life Value Calculator.
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