How Much Life Insurance Should I buy? | 3 SIMPLE Ways To Calculate Your Need.

How to calculate the amount of life insurance you truly need. Don’t let anyone sell you too much, and don’t get too little.

I have never heard someone say they got too much life insurance at the death of a loved one. I have heard too many people say they should have bought more.

Whether you are buying term life insurance or permanent life insurance (also known as whole life insurance), here are the 3 EASY ways to calculate your life insurance needs.

Simple calculation.
Take your total income and multiply it by 5, 10 or 15…

D.I.M.E Method
- Debt
- Income
- Mortgage
- Education

#LIAM20 #lifeinsurance #MoneyMatters #FinancialPlanning #Financialliteracy #financialindependence #financialfreedom #financialeducation

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00:00 - Intro.
01:01 - Honoring Life Insurance Awareness Month.
01:37 - Life insurance is designed to replace you financially.
01:55 - 6 Questions to ask before buying life insurance.
02:29 - Are you single?
03:15 - Are you married and/or have children?
04:17 - Three ways to calculate your insurance need. A simple calculation.
05:44 - D.I.M.E Method
11:34 - Start with what you can and add more later.

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Disclaimer.

[gilbertmiguel]

Great Video buddy!! learning a lot onto life insurance

[HarlandDWhite]

Haha loved the intro! A lot of good points to consider when looking into life insurance.

[Gathoklea]

I didn’t think buying life insurance was going to be so complicated! Thanks for breaking things down, Paris. By the way, I like the background on this video better.

[adriennecluff]

I learned so much. Thank you. You’re a great teacher. Super easy to follow along and understand. ⭐️⭐️⭐️⭐️⭐️

[scottbinford]

I never would have thought $50, 000 annual income with a spouse and 1 child would be over $1, 000, 000 in life insurance needs! Thank you for the great info!