Why I Purchased a 2.5 Million Dollar Term Life Policy

Joseph Meyer
Written by
Last update:

Fact: You Don’t Have Enough Life Insurance

Do you have enough life insurance? Many people think that they have enough life insurance, but they don’t. Let me explain why and what to do about it.

Question: How much life insurance do I really need?

Answer: You need enough funeral insurance to cover the cost of a funeral; enough life insurance to pay off your debts and take care of your surviving spouse; and enough life insurance to leave a financial legacy.

The reality is that there’s no such thing as enough life insurance.

How much is enough? In this article, I’m going to share the specific life insurance number that I believe you should have to provide your family and loved ones with an independent, worry-free financially secure future.

But first, you need to understand three important factors that determine the amount of life insurance you need and why they’re important.

Why I Bought More Life Insurance

It’s no secret that life insurance can be an incredibly important investment, but if you’re anything like me, you’re probably wondering exactly how important it is to you and your family, and how should you go about deciding how much insurance to buy.

In this article I share my thought process and experiences with buying life insurance and I hope you find that it helps you find some peace of mind in making the right decision for you and your family.

$1 Million of Life Insurance Might Not be Enough

As a new dad with twins, this life insurance discussion has become much more real. I remember equating life insurance before having children as something that old people did.

Now older people still buy life insurance, but younger professionals do too. Life insurance is something that you should start buying in your 20’s, especially if you