Before purchasing life insurance, it's important to decide if you really need it, what type of policy is best, and how much coverage you should get.
There are different kinds of life insurance such as whole-of-life and term assurance. We explain what the different policies are, how they work, and when to get a quote to find the best deals.
Contact your insurance company or agent to determine if your policy allows loans, and if your cash value has reached the necessary level to permit borrowing. The amount you can borrow depends on the amount of cash value in the policy and your insurer’s rules. Your insurer may allow you to borrow up to 90% of the cash value. For example, if the policy’s cash value is $15,000, you could borrow up to $13,500. ...
It can be an overwhelming task to try and calculate how much life insurance you need. Knowing the factors to consider can help.
Use the table below to get started. To help better determine how much life insurance you need, it's helpful to understand what life insurance actually is and why it may be necessary for...
There are multiple ways to calculate the right life insurance coverage amount, but not all methods are optimal. ; Your savings, debts, income and family situation all play roles in figuring out how much life insurance you need. ; You want a death benefit amount that will provide funds to cover the items your family will need money for. For instance, if you want life insurance to replace your income if you were to die, you need a policy with a much higher death benefit than if you want a policy to simply pay for your final expenses and burial.
Cookies on this website ; At HSBC we use cookies to help ensure that our website and services are able to function properly. These cookies are necessary and so are set automatically. ; We would also like to use some cookies to: ; These cookies are optional and you can choose which types you'd like to accept. To do this, select 'Manage cookie settings'.
Provider, Best for, Customer support, Medical exam ; Policygenius, Customized policies, Live chat, Not necessary ; Ladder, Young people, Limited availability, Required for coverage > $3 million ; Colonial Penn, Seniors, Live chat, Not necessary ; Bestow, Term life insurance, Live chat, Not necessary ; State Farm, Multiple insurance types, Limited availability, Required for most policies ; New York Life, Addition of riders, Call only, Required for some policies
Calculating how much life insurance you need can ensure your policy matches your financial goals and provides adequate protection for your loved ones.
Calculating how much life insurance coverage you should buy isn't that difficult. Here's how to estimate your needs.