Individual Life
Individual Life
The most challenging part of buying life insurance is determining how much you need.
How Much Is Enough?
The average insured adult American has roughly $176,000 in life insurance coverage, or about three times his or her gross annual income.
When you consider all the things that life insurance proceeds need to fund and how long the money will be needed, you begin to realize that your true need for coverage is often 10, 15 or even 20 times your gross annual income.
Life Insurance Proceeds Can Help Fund ManyTypes of Expenses
| Immediate Expenses | Ongoing Expenses | Future Expenses |
| Funeral costs Uncovered medical Expenses Mortgage and Other debt Taxes Estate settlement Costs |
Food Housing Utilities Transportation Health care Clothing Insurance |
College
|
| Tax Bracket | Married Filling Jointly | Single | |
|---|---|---|---|
| 10% | $0-$17,400 | $0-$8,700 | |
| 15% | $17,400 - $70,700 | $8,700 - $35,350 | |
| 25% | $70,700 - $142,700 | $35,350 - $85,650 | |
| 28% | $142,700 - $217,450 | $85,650 - $178,650 | |
| 33% | $217,450 - $388,350 | $178,650 - $388,350 | |
| 35% | Over $388,350 | Over $388,350 |
