Financial planners recommend that you review all of your insurance needs at least once a year. Certain changes in your life should prompt a new look at your life insurance needs, such as:
- Marriage or divorce
- Birth or adoption of children or grandchildren
- Buying or refinancing a home
- Promotion or career change
- Significant changes in your health or that of your spouse
- Taking on the responsibility for parents or siblings
- Transition or retirement from the military
Need for long-term care
Do you have any idea how much life insurance you need right now? The answer
depends on many factors, such as; are you married, how many children do you have, do you want to pay for college, what kind of debt load are you carrying, how much money is your family spending annually now?
How Much Life Insurance Do You Need Today to Provide the Following Annual Income?
Years | $25,000 | $50,000 | $75,000 | $100,000 |
5 | $120,000 | $240,000 | $350,000 | $470,000 |
10 | $220,000 | $440,000 | $650,000 | $870,000 |
15 | $310,000 | $610,000 | $910,000 | $1,220,000 |
20 | $380,000 | $760,000 | $1,140,000 | $1,520,000 |
30 | $500,000 | $1,000,000 | $1,500,000 | $2,000,000 |
*Insurance amounts above assume a 3 percent interest rate and are rounded up to the nearest $10,000.
Navy Mutual can help you provide the right level of coverage for all the changing events in your life. Calculate your individual insurance needs with our Life Insurance Needs Calculator.
Your life changes and so do your insurance needs. Navy Mutual has a variety of plans that fit you and your family. Many life insurers charge extra to insure military members or limit your coverage when you deploy, Navy Mutual does not. We serve you, with no military service restriction or war clauses; regardless of where you are or what you do, Navy Mutual is with you. Click here to learn which plan is best for you.
