Term Life Insurance FAQ

COVERAGE NEEDS

Q. How much life insurance do I need?

A. While some insurance providers might issue a standard response to this common question, we do things differently at Matrix Direct. Since life insurance needs vary, this is a basic question with a complicated answer.

Click here to find out how much life insurance you may need »

How much life insurance you’ll need depends on a lot of factors. Many people base their life insurance needs on their income and debts. For example, an average family might choose the coverage, or “face amount,” based on five to ten times their gross income, plus their mortgage and debts. But the question is, are you average? Probably not. Your coverage should factor in lifestyle, financial goals, debts and often-overlooked expenses, such as additional childcare expenses.

When determining your coverage needs, consider the following:

• The size of your family and ages of your family members
• The standard of living you’ll want them to be able to maintain
• The costs for childcare or care for an elderly parent, if you are an in-home caregiver
• Future expenses such as educational, health or mortgage costs
• Final expenses likely incurred at the time of your death, including taxes, legal fees and funeral costs

Click here for a quick life insurance needs analysis »

Without talking to a licensed agent first, you may be signing up for too much insurance or too little. Our licensed insurance specialists take the time to talk to you — at no charge and with no pressure — about your specific goals. We then issue a quote for precisely the amount of life insurance you may need at a very competitive price.

Term life insurance is about peace of mind. To ensure you get the secure peace of mind you deserve, it’s very important that you receive thorough and complete information from a knowledgeable insurance professional before you select a coverage amount.

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