Get Life Insurance While You're Alive. A no-brainer, right?  However, how many folks don't?  Lots. The other truism is:  Get Life Insurance While You're Still Healthy and Can Qualify For It.  You may not be able to get life insurance once you become chronically ill or it may be thereafter prohibitively expensive.  Let's start with some fundamentals of life insurance in order to answer the question:  How Much Life Insurance?

The first concept of basic life insurance is simple:  Leave money to someone who will tidy up behind us when we depart.  We don't know when we're going to die and we don't want to leave a mess when we do; that's about it.  The first need of life insurance is to provide for burial and final expenses so that our relatives don't have to pay for our "mess."  Truly, leaving a dead body around is messy. Allow at least $50,000 to $100,000 for this purpose.

The next purpose would be to leave enough money to pay off your outstanding obligations. Financial loose ends may hang around that create their own set of messes for family and friends. Some people would like to leave enough money to pay off the mortgage.  That's an idea.  Figure it in.  I am not a financial advisor so I cannot offer an opinion on that.  If you wish to speak to a financial advisor, call my friend and associate Charles Jarai at (626) 355-4799.  He's been doing this for 40 years and knows his business.

The next major purpose for basic life insurance may to be leave money to those family and friends who survive us so they can continue on without our support or presence.  First get an idea of how much of a financial impact your absence might create.  If you want to add this amount in to your coverage, come up with a figure that seems satisfactory to you.  You can consult your family or friends who may be impacted by this to come up with an accurate figure.

This discussion centers around basic term life insurance, the simplest, least expensive type of life insurance.   We are not going to venture in to the world of Cash Value Life Insurance, wherein you can combine savings, retirement, college funds or other purposes with your life insurance.  If you are interested in the type of policy that will return cash value, I will once again refer you to my associate, Charles Jarai (626) 355-4799.  

Here are some quotes for life insurance that will give you an idea of how much life insurance costs based on a 33 year old, non-smoking male in good health with good height/weight ratio:

$100,000 guaranteed term life insurance: 
10 year term:  $8 per month; 
20 year term:  $9.50 month
30             $13.50 month
$250,000 guaranteed term life insurance:
10 year term:        $9.70 month
20 year term:        $13.75 month
30 year term:        $21.97 month
Universal Life to age 100 (which means someone is definitely going to collect as long as you pay the premium):
$100,000 policy  $33.80 month.
$250,000 policy $74.00 month.

Call me for term life insurance quotes from 45 different life insurance companies.