What the Experts Say

“To make sure your loved ones will be okay, I recommend you buy life insurance with a death benefit that is 20 to 25 times the annual income you want to replace. So for example, if you wanted to replace $50,000 in annual income you would buy a policy with a $1 million to $1.25 million death benefit.”

– Suze Orman

“I usually say 15 to 20 years because that’s about how long people are usually going to need the life insurance. Your one-year-old will be 21 in 20 years.”

– Dave Ramsey

“Only buy life insurance where you work if you have health problems. Otherwise, I prefer you to qualify and go through medical underwriting so you can buy a policy on your own. Most of us don’t stay at the same place forever and you may not have a right to take that insurance with you.”

– Clark Howard