The Recommended Life Insurance Amount

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What life insurance amount is recommended by experts?

The Recommended Life Insurance Amount

When looking for life insurance quotes, experts recommend you take out a life insurance policy equal or greater to 7 times your annual gross income. For instance, if you make $65,000 a year (before taxes), then you should consider taking out a life insurance policy of at least $455,000 for your family. This should give them enough money to pay off any outstanding debts and have enough left over to make up for your lost income for awhile.



5/16/2008 11:07:06 AM
SK said:

Ummm... shouldn't it be 7 times my annual gross expenditure? What if my income is 50k, but I pay 10k in taxes and save 10k?


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