How Much Life Insurance Should I Have ?

Offutt insurance is the Premier Farmers insurance agency in Fort worth.
4528 W Vickery Ste100
P.O. Box:
Fort Worth

Why should have 10 times my income in Life Insurance?

Look most people I meet with have about 2 times their income in life insurance.  that is only OK if you are a couple years from retirement.  But, you know that if the Beer truck hit you, and rendered you unable to work FOREVER — 2 times, 3 times, 4 times wouldn’t even come close.

We don't speak insurance we speak English.

HECK, I’ll bet you two times your salary — That if a beer truck hit you leaving you unable to work EVER AGAIN,  you would

  •  sit down with a calculator,
  • and economist, financial expert, or a lawyer
  • or some expert — SOMEONE particularly skilled at calculating large sums of money
  • and decide that 10 times your income is the MINIMUM you would consider

So why in the name of Mary would you think of leaving your family with 2, 3, 4, or even 5 times your salary.   Nothing in life is certain, but your ability to pop up from the grave,  shower off, and get a job to take care of things is as unlikely to happen.

How about if I pay off the house?

Some folks are happy to  have just enough to pay off the house.   That is not OK either, now they have a paid off house that they cannot afford to heat, cool, put food in, and that the County will eventually confiscate due to unpaid property taxes anyway.   Leave your family enough that they can LIVE.   After all, they didn’t want you dead anyway,  but lets not make they hate you.

Look I remember when my Father-in-Law died and Mom was really concerned that she would have to sell the house, move in with us, you get the picture.  But, turns out Daddy ha d a policy and Pension that took care of things.  You likely don’t have a pension with spouse benefits.   And Government programs suck.   So don’t leave your family hanging.


9/11 was a tragedy.  But, did we learn anything from it?

  • The US Justice Department tells us that people without children should have 12 times their income in Life Insurance.  
  • They also suggested that people with children should have 20 times their income.
  • The average need or people that died in 9/11 was $456,000.
  • The Average policy they actually had was $126,000
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One comment on “How Much Life Insurance Should I Have ?
  1. David says:

    David thanks for the info. Now I need to re-look at my situation. Too important to ignore. How many people are running around without life insurance? Too many!

    Linda Feldman CCIM, CPM, Broker