How Much Life Insurance Is Enough?
Apr 15, 2025Here’s the honest truth about how to decide
How much life insurance is enough to protect your family’s lifestyle?
It’s always been a common question and here’s the honest truth about how to decide. Whatever amount you buy, you will be wrong. Yes, wrong.
The question is, do you want to be wrong to your family’s benefit or do you want to be wrong to your family’s detriment? You see, every buyer gets to choose. If you buy life insurance based on your family and financial situation today and you live for another 50 years, you will likely have too little. Obviously, after 50 years of inflation, increased income, increased taxes, improved lifestyles, and growing family needs the right amount then will be much larger than it is today. So, dying 50 years from now with today’s insurance means you’ll have too little.
But, if instead you buy what you could need in the future, factoring in the 50 years of growth, and then you die tomorrow, well you will have too much. One way you have too little. The other way you will have too much.
So, here’s the question for you to consider. Would you rather buy life insurance so your family wins or so they lose? Would you rather err on the side of them having too much or having too little to maintain their lifestyle?
Honestly, no one knows when their life insurance will be activated and we surely hope it isn’t tomorrow, but it could be. And it may not be 50 years from now but just 20 or 30, but the principle is the same. So, how well do you want to protect your family’s lifestyle? You can do more, or you can do less. It’s all up to you.
And remember, “Your life insurance policy is the last thing you will ever say to your family”.
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