What insurance do I need to Buy?

What insurance do I need to Buy?

How Much Term Life Insurance Do You Need to Buy?

How much life insurance coverage I need to buy was something that really wasn’t important to me until I got married.

My first policy was a $100,000 Universal life insurance policy and I thought that was plenty.  It was not until we had our first daughter, at age 26, that I quickly realized that was not nearly enough.

After her birth, I decided to increase it substantially.  With us in the process of buying our first home and a second daughter on the way, I’m left wondering even with that increase if I really have bought enough life insurance.

Update: We now have five children and I have increased the amount of life insurance, at age 57, I have on myself and on my wife.  Check the end of the post to find what I’ve increased my term life insurance to and my rationale.  What insurance do I need to Buy?

I know many struggle with this same decision so I wanted to shed some light on how much life insurance is enough.

First things first, life insurance is for one purpose: income replacement.  While there are times where life insurance can aid in more complex estate planning strategies, a majority of the time it’s purchased to take care of your family once you’re gone.  What insurance do I need to Buy?


My reasoning for purchasing life insurance is that I want to leave my wife and kids without any debt and the ability for my wife to not worry about finances in the event of my unexpected passing.

I now have a $600,000 - 20 year level term policy and $250,000 of whole life insurance.  My wife has a $200,000 Universal life policy

What insurance do I need to Buy?

I have peace of mind that my family is set – if I didn’t come home.

What is your plan?  Do you have a plan?  Click here – because you care.

What insurance do I need to Buy?