Compare Life Insurance Quotes in Minutes Everyone has different needs when it comes to life insurance. Some need to find rewards that can fit their budgets, others need to make sure their families' living standards aren't affected, or just want to block a low rate while they're young. To ensure adequate coverage at the best price, it is important to understand the options available. How much coverage is needed? The difficulty many people encounter when purchasing a policy is deciding how much coverage they really need. Obviously, it is desirable to get sufficient coverage, but a policy that exceeds your needs can be a waste of money. Greater coverage means higher monthly premiums, so we recommend choosing a coverage amount that follows that fine line of giving you what you need that is still affordable. For those struggling to save on raising their children, building a retirement account, or simply incurring monthly expenses, being "poor in money but rich in insurance" may not be the best option. When determining the amount to buy, it is crucial to first decide what the policy should achieve. For example, a senior with no dependents may want only enough coverage to pay for the funeral costs; a young couple with children may need sufficient insurance to repay the mortgage and / or to cover university expenses for their children; some people may want to offer a little extra to a parent or favorite charity; a person with a spouse who receives non-wage income may want to see that their partner has the financial support necessary to get back on their feet, or they may want to ensure that the spouse can continue to stay at home with their children. the motivation for coverage is a combination of several factors. To obtain preliminary quotes for the rate comparison, buyers may wish to start with a life insurance coverage number that is between five and 10 times the amount of the pre-tax annual income of the individual to be insured . Another method is to add up the total invoices, such as credit cards, mortgages, car payments, loans and funeral expenses, also estimating and anticipating future invoices (the need for a new car, school fees for your children, inflation etc.) If the objective is simply to replace an income, as in the case in which both spouses are professionals, the estimate should be based on the annual income multiplied by the number of years of income that you want to cover with the life insurance.