Feb
8
How Much Life Insurance is Needed For Healthy 50 yrold?
Posted by harry Comments (5)
Harris J asked:
What amount life insurance would be sufficient for a man in his 50s to buy? The sole beneficiary would be his 50 year old domestic partner.They are not married and the man’s children will inherent everything else. So, this life insurance would be needed to provide housing and living expenses.
What amount life insurance would be sufficient for a man in his 50s to buy? The sole beneficiary would be his 50 year old domestic partner.They are not married and the man’s children will inherent everything else. So, this life insurance would be needed to provide housing and living expenses.
Categories: Life Insurance
I would hazard a guess at 500k to 1 Million sounds about right ♥
Figure out the expenses on an annual basis and multiply by 20 and that’ll put you in the ballpark.
It’s impossible to know really. IT depends on the man’s needs and wants. How long does he want to provide for his wife after he dies? How much does he want to provide (housing and living expenses will greatly vary from person to person)? Does he have any debts? Doe he have any other assets that would be used to offset the need for insurance?
Here’s a link to find a life insurance needs calculator:
Provide housing and living expenses for whom? For how long? It’s not his age that determines the answer – it’s who depends on him financially.
Harris, it is a bit higher because of the age. If you are planning to get cheaper life insurance, i recommend you check the site below to get free quotes and compare premiums between different insurance companies.