Some financial service companies and consumer organizations suggest that you need a face amount of life insurance that equals at least five times your current earnings. Actually, each situation is different, and the amount you need will depend on your particular circumstances. Your financial professional can help you decide how much life insurance you need.
General Considerations
When You're Younger
You need plenty of insurance if you have young children or there are others who depend on you. Your financial professional can help you decide which type of life insurance is right for you. Review the different options presented in this section. You should count on keeping a good deal of insurance on your life until the children finish school or leave home, whichever comes first. After that, your life insurance needs will depend on your unique personal and work situation.
When You're Older
Once you retire, you should have retirement savings, and Social Security, but you should still consider the need for life insurance after you retire, if you fall into one of the following categories:
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC. Insurance products are offered through LPL or its licensed affiliates. Premier America Credit Union and Premier America Investment & Retirement Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Premier America Investment & Retirement Services, and may also be employees of Premier America Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of Premier America Credit Union or Premier America Investment & Retirement Services. CA Insurance License #0759204, TX Insurance License#1643255.
Securities and insurance offered through LPL or its affiliates are: